A Wisconsin man has been sentenced to eight years in federal prison for defrauding 190 investors out of $14.25 million.
Stanley Pophal, 64, of Wausau, Wisconsin, pled guilty in June to wire fraud and money laundering.
According to federal authorities, Pophal worked at Bright with Silver, Inc., formerly Fromm Bros., Inc., between May 2019 and June 2025. He persuaded investors to purchase promissory notes with guaranteed returns of at least 20% by falsely claiming to have great personal fortune that would shield their money from risk.
Pophal wasted millions of dollars on personal costs rather than investing the funds in cryptocurrency, real estate, or commodities, as promised. He chartered private jets, paid mortgages, and purchased over 600 items, including numerous snowmobiles, motorcycles, and automobiles. He continued the scheme by compensating early investors with proceeds from new victims. “This was a complex, intertwined case involving numerous victims and multiple agencies from Iowa and Wisconsin,” Winneshiek County Sheriff Dan Marx stated. “Every participating agency dedicated countless hours to gathering evidence and holding Mr. Pophal accountable.”
The investigation began in February 2025, when a concerned person contacted the Allamakee County Sheriff’s Office. The Iowa Insurance Division’s Fraud Bureau has also begun an inquiry into Pophal’s unapproved investment meetings in Allamakee, Winneshiek, Mitchell, Wapello, Clayton, and Madison counties.
Pophal and four others were charged with Class D felonies in April 2025 for selling unregistered securities in Iowa. Federal prosecutors filed wire fraud and money laundering charges in the Western District of Wisconsin, which led to the dismissal of state charges. “The successful resolution of this case emphasizes the importance of cooperation among state, local, and federal authorities,” Iowa Insurance Commissioner Doug Ommen stated. “We extend our sincere gratitude to the Allamakee County Attorney’s Office, the Allamakee County Sheriff’s Office, and the Winneshiek County Sheriff’s Office.”
Law enforcement agents seized almost 600 things. Pophal purchased using investor monies, which he kept in a rented warehouse. Online public auctions of confiscated items, including hundreds of snowmobiles and vehicles, began in July through the US Departments of Justice and Treasury. The sales are intended to assist victims in recovering their stolen property.
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