Wolfgang Krauser is the final boss of Fatal Fury 2 and Fatal Fury Special (He is playable in FF Special as well). He would be absent for the next two Fatal Fury releases but returns as both playable character & final boss in Real Bout Fatal Fury Special & Real Bout Fatal Fury 2.
He also appears in the King of Fighters series beginning with King of Fighters 96 on the villainous Boss Team alongside Mr. Big & Geese Howard. He returns in the non-cannon King of Fighters 98.
Wolfgang Krauser von Stronheim is the current Earl of Stroheim in Germany. His mother, Eliza Stroheim, fell in love with an American martial arts champion named Rudolph and was expecting his child. The Earl of Stroheim, left with no other recourse, approved the marriage and allowed Rudolph to take the family name.
Krauser grew up to become a fierce warror and at a young age protected his father from an assassin that he soon learned was actually his older half-brother Geese Howard. Geese was furious at Rudolph for abandoning his mother but was no match for the young Krauser. It was this event that would lead Geese to train to become the fighter he is today. Krauser would eventually challenge his father to combat for the right to become the next Earl of Stroheim and with one punch, would take his father's title and life.
Many years later after learning of his half-brother's defeat at the hands of Terry Bogard, Krauser would arrange his own King of Fighters tournement the following year. Like before, Terry Bogard would advance to the final match and face the Earl of Stroheim in his castle. After a fierce battle Terry Bogard was victorious.