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MADISON, WI (WSAU) — A Wausau man is accused of issuing fake promissory notes to more than 120 supposed investors as part of a multi-million dollar fraud scheme.
Stanley Pophal was charged with wire fraud and money laundering in a federal courtroom on Monday. Investigators say he took the “investors” for more than $15 million, giving the appearance that he was a wealthy businessman who could provide a guaranteed rate of return on the funds.
Instead, the 63-year-old allegedly used the money to live an extravagant lifestyle. That included purchasing more than 300 snowmobiles.
Investigators also accuse Pophal of taking on new clients to make “lulling payments” to previous investors, meaning he used the new money to make small payments to others to make it seem as if he was getting a return on their funds.
Pophal remains in custody. Further court action against him is pending.
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