A Wisconsin man has been sentenced for defrauding nearly 200 investors out of over $14 million.
Stanley Pophal, 65, Wausau, Wisconsin, was sentenced yesterday by U.S. District Judge William Conley to eight years in federal prison for wire fraud and money laundering. Pophal pleaded guilty to the charges on April 20, 2026. He was also ordered to pay restitution in the amount of $14.25 million.
Between May 2019 and June 2025, Pophal, using the business name Bright with Silver, Inc., offered investment opportunities, including cryptocurrency, real estate flipping, artificial intelligence technology, gold, silver, and emeralds. Pophal convinced most investors to sign investment contracts, which he styled as promissory notes. The promissory notes guaranteed investors a rate of return of at least 20 percent. Pophal told investors that he was able to secure high rates of return because he had connections in the finance, commodities, and real estate sectors.
Pophal also repeatedly told investors that even if his investments on their behalf were not successful, their investment principal was never at risk because he had enough personal wealth to repay each investor's principal.
He told investors that he had accumulated his wealth through past business and investment success. In fact, Pophal’s claims of past business success were exaggerated, and his claims of vast personal wealth were false. Pophal never had sufficient funds to personally guarantee each investor’s principal.
Stanley Pophal, 65, Wausau, Wisconsin, was sentenced to 8 years in prison for defrauding investors out of $14.25 million last week in the Western District of Wisconsin. He was also ordered to pay restitution in the amount of $14.25 million.
— FBI Milwaukee (@FBIMilwaukee) September 8, 2026
According to court documents, Pophal… pic.twitter.com/9mEUlmUNUJ
Pophal used the vast majority of money he received from investors to pay his personal and business expenses, fund personal travel, pay his mortgage, rent a private plane, and purchase snowmobiles, motorcycles, and vehicles including a yellow Ferrari.
“Pophal took the trust his investors placed in him and turned it into a payday for himself, using deceit to steal more than $14 million and live high on other people’s money,” said Robert J. Kuszynski, Acting Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “Our special agents used their forensic accounting expertise to pull apart his Ponzi scheme, dollar by dollar. There’s no clever way to dress up stealing, and if you build your fortune by cheating others, don’t be surprised when the numbers lead us straight to your door.”
Pophal made “Ponzi” payments to early victims, falsely representing the payments to be investment returns or interest, when in truth the payments were comprised of funds from new investors.
“Stanley Pophal victimized 190 hardworking people out of their money through an investment scam in which he lied to would-be investors. Instead of growing wealth for the victims, he spent their money to fund his own personal lavish lifestyle, which included purchasing hundreds of snowmobiles, motorcycles, and vehicles. His deceit led to victim losses of over $14 million,” said FBI Milwaukee Special Agent in Charge Alan Karr. “The FBI is committed to holding fraudsters accountable for their actions. We will continue to work with our law enforcement partners to target those who seek to steal from hardworking people for their own personal greed.”
At the sentencing, many victims spoke, sharing the impact that Pophal’s crimes had on them. Stressing that life savings and retirement funds were lost, Judge Conley noted that no prison sentence could fully account for the horror of Pophal’s conduct because Pophal preyed upon vulnerable individuals who trusted him. Judge Conley also found that the victims were still grieving over the loss of their hard-earned funds.
As part of the investigation, law enforcement agents seized more than 600 items Pophal purchased or funded with investor funds. The items included hundreds of snowmobiles, which Pophal stored in a rented warehouse. Two photos from that warehouse are below. As part of his plea agreement with the government, Pophal agreed to forfeit these items.
The charges against Pophal are a result of an investigation by IRS Criminal Investigation and the FBI with assistance from The Iowa Insurance Fraud Bureau, the Allamakee Sheriff's Office, and the Winneshiek Sheriff's Office. The prosecution is being handled by Assistant U.S. Attorney Meredith P. Duchemin.
