William Berg, an insurance producer and former financial advisor from Waukee, Iowa, was on Friday after in federal court to wire fraud and money laundering charges. In addition to his prison sentence, Berg was also ordered to pay $1,643,150.27 in restitution and $200 Special Assessment to the Crime Victims’ Fund Assessment. There is no parole in the federal system.
The charges against Berg stem from an investigation by the Iowa Å˽ðÁ«´«Ã½Ó³» 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 defrauded at least 17 individuals out of over $2 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.” Berg orchestrated his calculated and targeted scheme for approximately eight years and used the money people thought they were investing for his personal benefit.
Berg also attempted to obstruct or impede the prosecution by destroying documents.
Source: Iowa Å˽ðÁ«´«Ã½Ó³» Division
Was this article valuable?
Here are more articles you may enjoy.
Marsh: US Commercial Å˽ðÁ«´«Ã½Ó³» Rates Up 3% on Hikes in Casualty 
Former Ga. Å˽ðÁ«´«Ã½Ó³» Commissioner, Now in Prison, Surrenders Law License 
Louisiana Senator: NFIP Reform Needed to Bring Down Flood Å˽ðÁ«´«Ã½Ó³» Costs 
S&P Reveals Top 50 Largest P/C Insurers 
