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MADISON, WI (WSAU) — A Wausau man accused of wire fraud and money laundering has been indicted by a federal grand jury.
Stanley Pophal faces 10 total counts, seven for wire fraud and three for money laundering. Investigators say he took money from others, saying he would invest it in various business ventures, including residential apartment developments.
RELATED: Wausau Man Charged With Federal Wire Fraud, Money Laundering
Instead, the 63-year-old allegedly used the money to maintain his lifestyle, including the purchase of more than 300 snowmobiles. He’s also accused of making “luling 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 faces decades in prison if found guilty. The indictment came down late last week from the US District court in Madison, and no further court action was immediately scheduled.
The FBI and IRS Criminal Investigations unit handled the investigation. An Assistant US Attorney is handling the prosecution.
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