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"As we came down, we saw that people were parked on the ice so we said, 'Heck yeah, let's park on the ice!'" Laurie Oberhelman, whose SUV was among those to end up submerged, told WISN-TV.
"I think it's stupid to park on ice now," she said.
Police said 15 vehicles fell though the ice and the last one was pulled out of the water Saturday night.
Authorities said it is legal to park on the ice, but festival organizers said it is not recommended.
"For Winterfest, we have lots of parking downtown and anybody can take advantage of it. It's free," Darien Schaefer, CEO and president of Visit Lake Geneva, told WITI-TV.