A scam artist from Wausau is going to federal prison after defrauding investors of more than $14-million-dollars.
65-year-old Stanley Pophal was sentenced by a federal judge to 8 years in prison for wire fraud and money laundering.
He was also ordered to pay restitution for the millions he stole.
Pophal told investors they would get returns of at least 20 percent on investments like cryptocurrency, real estate flipping, artificial intelligence and gold.
Pophal used the vast majority of money he received from investors to pay his personal and business expenses, fund personal travel, pay his mortgage, rent a private plane, and purchase snowmobiles, motorcycles, and vehicles including a yellow Ferrari.
He took money from new investors to make payments to people he had already swindled money from.
Pophal also repeatedly told investors that even if his investments on their behalf were not successful, their investment principal was never at risk because he had enough personal wealth to repay each investor's principal.
The FBI says Pophal’s claims of past business success were exaggerated, and his claims of vast personal wealth were false. Pophal never had sufficient funds to personally guarantee each investor’s principal.
“Stanley Pophal victimized 190 hardworking people out of their money through an investment scam in which he lied to would-be investors. Instead of growing wealth for the victims, he spent their money to fund his own personal lavish lifestyle which included purchasing hundreds of snowmobiles, motorcycles, and vehicles. His deceit led to victim losses of over $14 million,” said FBI Milwaukee Special Agent in Charge Alan Karr. “The FBI is committed to holding fraudsters accountable for their actions. We will continue to work with our law enforcement partners to target those who seek to steal from hardworking people for their own personal greed.”
As part of the investigation, law enforcement agents seized more than 600 items Pophal purchased or funded with investor funds, including hundreds of snowmobiles.
Those items were ordered sold at auction earlier this year.
