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MADISON, WI (WSAU-WAOW) – A Minocqua man has been sentenced to more than six years in prison for his role in an investment scheme.
WAOW TV reports Cory Kromray was convicted on federal charges of wire fraud and money laundering and sentenced to just under seven years in federal prison and more than $820,000 in restitution.
Investigators say Kromray presented himself as a successful stock and cryptocurrency trader to attract investors, who sunk millions into his business. But instead of investing and trading those funds, he reportedly used them for personal expenses, including vehicle payments, mortgage payments for a Minocqua home, and credit card bills.
The records also state Kromray provided fake account statements to investors, leading them to believe their funds were actively being traded.
Kromray is reportedly appealing the decision.
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