Wausau man charged in $15M fraud and money laundering scheme

A Wausau man is in custody facing federal charges he defrauded investors of more than $15 million dollars over a six-year period.

Stanley Pophal, 63, was charged in federal court in Madison on Monday with wire fraud and money laundering.

The charges said that between May 2019 and March 2025, Pophal got at least 120 investors to give him the money in return for promissory notes with guaranteed rates of return.

What the US Attorney’s Office said in the criminal complaint was that Pophal used the money to enjoy a lavish lifestyle which included the purchase of more than 300 snowmobiles.

The complaint stated that he used new investor money to make payments to previous investor to make it appear as though those investors were earning returns.

An FBI and IRS investigation led to the charges against Pophal.

He’s being detained pending further proceedings according to the US Attorney’s Office in Madison.

In April, an investigation by the Iowa Insurance Division’s Fraud Bureau led to charges against Pophal and four other people for violating Iowa securities laws for selling securities without proper registration.

The four people were David Halvorson, age 59, of Galesville, Wisconsin, Casey Halvorson, age 51, of McGregor, Iowa, Gary Halvorson, age 58, of McGregor, Iowa, and Debra Mink, age 65, of Prairie Du Chien, Wisconsin.

Last week, the Allamakee County Sheriff’s Office said that the investigation into the activities by Pophal and the others continues.