Reno CEO Accused of Laundering Millions Through Cryptocurrency Exchanges

Stephen Kromer, former CEO of Reno internet provider Uprise Fiber, has been charged by federal prosecutors with money laundering and supplying a falsified financial ledger to the USDA. The charges stem from a project to bring broadband internet to Lovelock, Nevada.

Kromer allegedly took $6.2 million in funds from a special account meant for the Lovelock project and transferred it into his personal bank account. He then converted most of that money into cryptocurrency through various exchanges, including Coinbase, Zap Solutions, Gemini Trust Co., Payward Interactive, and Crypto.com.

The indictment also alleges that Kromer caused false accounting entries to be presented to the USDA in order to mislead them about the project's expenses.