Recently, news outlets and prosecutors in a news release reported the serious crime of a Wausau man they say was running a fraud scheme, allegedly defrauding 120 investors out of $15 million dollars.
The man apparently represented himself as a wealthy businessman offering people an opportunity to purchase promissory notes with guaranteed rates of return. The reports say the scheme started in May of 2019 and continued through March of 2025. As is common with these types of fraud schemes, he apparently used some of the new investor’s money to make payments to early investors to keep his scam going; however, most of the money was used to fund his own lavish lifestyle.
This crime is despicable: I can only imagine the 120 stories of heartbreak and victimization. I hope the fraudster is prosecuted to the full extent possible for the crimes he committed and, if he’s found guilty, that money can be recovered and returned to the alleged victims.
Headlines reporting the story called this man an “investment adviser.” However, this man was not registered with the Securities and Exchange Commission (SEC) or with the Financial Industry Regulatory Authority (FINRA). That means he held no licenses or registrations. However he held himself out, headlines falsely reporting him as an investment adviser harm the reputation of thousands of trusted advisers who practice with honesty and integrity. To make a comparison, it would be as if someone who pretended to be a police officer to commit a violent crime was then called a police officer by media and prosecutors reporting the news of the crime to the public.
It’s sad that we live in a world where these things happen, and it’s important to point out that impersonating an investment adviser does not make you an investment adviser.
LouAnn Schulfer of Schulfer & Associates LLC Wealth Management can be reached at (715) 343-9600, louann.schulfer@lpl.com, TheWealthInformationLady.com or SchulferAndAssociates.com.
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