Minocqua man pleads guilty in federal court to wire fraud and money laundering charges

A Minocqua man pled guilty on Nov. 7 in federal court to charges of wire fraud and money laundering. Chadwick M. Elgersma, attorney for the United States Attorney’s Office Western District of Wisconsin, announced on Nov. 24 that Corey Kromray, 40, of Minocqua, entered the guilty pleas in court in Madison.

Kromray’s crimes, the announcement said, were part of an investment fraud scheme that was long-term. 

“At the plea hearing, Kromray admitted that between September 2018 and March 2025, he used social media and other online communications to falsely portray himself as a successful trader in stocks, mutual funds, cryptocurrency, and the foreign currency exchange market (forex),” the announcement said. “Kromray also used social media to display wealth he allegedly acquired from trading, including images or references to expensive watches, a large home, tropical vacations, and exotic sports cars. During meetings with investors, Kromray told them that they could expect a monthly rate of return of approximately 4% to 8%, with the potential of earning up to 30% a month.”

According to the announcement, Kromray, instead of actually investing the money, used it for his own personal expenses.

He also was said to have provided his investors with false information and documentation to make it seem their investments were paying off, “including using $50,000 in investor funds to make a payment on a 2022 Lamborghini Urus.”

Those who believed they invested with Kromray lost more than $800,000.

Kromray was initially indicted in May of this year and now faces max penalties of 20 years in prison for the wire fraud and 10 years in prison for the money laundering. 

He will be ordered to pay restitution as well, according to the announcement.  

Kromray’s charges were the result of an investigation led by the Internal Revenue Service Criminal Investigation and the Federal Bureau of Investigation and assistant U.S. attorney Aaron Wegner is handling the prosecution.

Trevor Greene may be reached via email at [email protected].