Stanley Pophal
MADISON, WI (WSAU-WAOW) — A Wausau man pleaded guilty to wire fraud and money laundering after defrauding investors out of $14.25 million, using their money to fund his lifestyle.
Stanley Pophal, 64, admitted in U.S. District Court in Madison that he ran the scheme through his business Bright with Silver, Inc., according to Chadwick M. Elgersma, United States Attorney for the Western District of Wisconsin. Between May 2019 and June 2025, Pophal offered investment opportunities in cryptocurrency, real estate flipping, artificial intelligence, gold, silver, and emeralds.
Pophal convinced most investors to sign promissory notes guaranteeing at least a 20% rate of return. He also repeatedly claimed investors’ principal was never at risk because he had enough personal wealth to repay them through his past business ventures.
Instead of investing the funds as promised, Pophal used the vast majority of the money for personal and business expenses. To keep the scheme going, he made “Ponzi” payments to early victims using funds from new investors, falsely representing them as investment returns or interest.
“Stanley Pophal built a façade of wealth and success, then used that illusion to convince people to hand over their hard-earned money,” said Adam Jobes, special agent in charge of IRS Criminal Investigation, Chicago Field Office. “Instead of investing those funds as promised, he spent them financing a lifestyle he could not afford and kept the scheme alive by using new victims’ money to make payments to earlier investors.”
Law enforcement agents seized more than 600 items that Pophal purchased using investor funds. The items included hundreds of snowmobiles stored in a rented warehouse.
“Pophal operated a multiyear scheme in which he made false promises to investors,” said FBI Milwaukee Special Agent in Charge Alan Karr. “His actions led to the victimization of people while Pophal pocketed their money.”
U.S. District Judge William M. Conley will sentence Pophal on Sept. 2. As part of his plea agreement with the government, Pophal agreed to forfeit the seized items. A public auction of the assets will occur at a later date.
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