Updated
Updated · News3LV · Jun 10
Stephen Kromer Indicted on 16 Counts Over Alleged $7.8 Million Grant Theft
Updated
Updated · News3LV · Jun 10

Stephen Kromer Indicted on 16 Counts Over Alleged $7.8 Million Grant Theft

1 articles · Updated · News3LV · Jun 10

Summary

  • A federal grand jury charged Reno internet provider owner Stephen Kromer, 48, with 16 felonies tied to an alleged $7.8 million embezzlement from a USDA-backed rural broadband project near Lovelock, Nevada.
  • Prosecutors say Kromer moved money out of a restricted pledged deposit account in 32 wire transfers between May and November 2024, then used false accounting entries and submissions to make the withdrawals appear to be project costs.
  • More than $6.2 million was allegedly routed from his personal bank account into cryptocurrency exchange accounts after Uprise received a $27 million ReConnect grant and agreed to contribute $9 million to the $36 million project.
  • Kromer is due in court on June 24, 2026; if convicted, he faces up to 50 years on theft counts and more than 100 years on money laundering and false-document charges.
  • The case, investigated by the FBI and USDA Office of Inspector General, centers on funds meant to expand high-speed internet access in rural Nevada.

Insights

A federal watchdog warned of oversight gaps. How did millions in broadband funds still vanish into crypto?
A town was promised high-speed internet. After an alleged $7.8M theft, will it ever get connected?
Millions were allegedly laundered into crypto. Can authorities successfully recover the digital ghost money?