(Des Moines) The U.S. Southern District of Iowa reports that William Jack Berg, age 51, of Waukee, has pled guilty in federal court to wire fraud and money laundering charges.
Authorities say from at least January 2019 until May 2023, Berg acted as a financial advisor to individuals in Central Iowa and other regions in the Midwest, selling life insurance, annuities, and similar products. Berg defrauded more than a dozen individuals out of over $1.5 million by influencing them to withdraw money from their existing investments or accounts and transferring the money to Berg for investment through his companies: “W Holdings of Iowa” and/or “Excel Performance Management.”
The charges against Berg stem from an investigation by the Iowa Insurance Division’s Fraud Bureau and the Federal Bureau of Investigation. Assistant United States Attorney Adam J. Kerndt, Southern District of Iowa, prosecuted the case.
Berg is scheduled to be sentenced on October 11, 2024. He faces a potential sentence of up to twenty years in prison for wire fraud and up to 10 years for money laundering. Berg will also be ordered to pay restitution to all victims of his fraud scheme in an amount to be determined by the sentencing federal district court judge.
