Madison, Wisconsin — A 40-year-old Wisconsin man has pleaded guilty to charges of wire fraud and money laundering for orchestrating a long-term investment scam that defrauded investors of more than $800,000, federal prosecutors announced.
Corey Kromray, of Minocqua, Wisconsin, admitted at a plea hearing on November 7, 2025, that he misled investors over 6.5 years, starting in September 2018, using social media and other online platforms to portray himself as a successful trader.
How the Scheme Worked
Kromray promoted investments in:
- Cryptocurrency
- Foreign currency exchange
- Mutual funds
- Stock markets
He posted images and updates online showcasing a luxurious lifestyle, including vacation homes, exotic cars, and designer watches, to convince investors of his supposed wealth. Kromray promised returns of 4-8% monthly, with some claims of up to 30%.
Instead of investing the funds, Kromray spent much of the money on personal expenses, while providing some investors with fake account statements to give the illusion of successful trading and inflated portfolios.
Financial Impact
According to the U.S. Attorney’s Office for the Western District of Wisconsin, victims collectively lost over $800,000. Notably, Kromray admitted to using approximately $50,000 of the funds to make a payment on a 2022 Lamborghini Urus, a luxury sports utility vehicle valued at roughly $263,000, according to Kelley Blue Book.
The scam highlights the growing risk of online investment fraud, particularly on social media platforms where perpetrators can craft convincing, high-end lifestyles to lure unsuspecting investors.
Potential Sentencing
Kromray faces:
- Up to 20 years in prison for wire fraud
- Up to 10 years in prison for money laundering
- Mandatory restitution payments to compensate victims
Federal prosecutors noted that Kromray’s guilty plea will help ensure victims receive restitution and avoid a lengthy trial, while also holding him accountable for his role in the multi-year scheme.
Warnings for Investors
Authorities emphasized the need for investors to remain cautious with high-return investment opportunities, particularly those promoted online. Experts advise verifying credentials, requesting independent account statements, and avoiding offers that promise unusually high returns with minimal risk.
Do you have tips or experiences related to avoiding fraudulent investment schemes?
Share your thoughts in the comments — your advice could help others steer clear of financial scams.
