A Waukee man’s eight-year scheme to swindle investors out of their hard-earned cash has finally come to an end. William Jack Berg, 52, was sentenced to nine years in federal prison for his role in a wire fraud and money laundering investment scam.
According to court documents, Berg purporting to be a financial advisor, defrauded approximately 17 victims by convincing them to invest in two companies he controlled: W. Holdings of Iowa and Excel Performance Management. Over an eight-year period, Berg spent the victim’s money on his own personal expenses, all while providing them with fictitious investment agreements, account statements, and even a website for one of the purported investment companies.
As authorities closed in on Berg, he attempted to destroy documents and fled the state. However, his efforts were ultimately unsuccessful, and he was brought to justice. Berg will serve his nine-year prison term, followed by a three-year term of supervised release. He was also ordered to pay over $1.6 million in restitution to his victims.
U.S. Attorney Richard D. Westphal of the Southern District of Iowa announced the sentencing. The case was investigated by the Iowa Insurance Division’s Fraud Bureau and the Federal Bureau of Investigation, with Assistant United States Attorney Adam Kerndt prosecuting the case.
This investigation was part of the Elder Justice Initiative, which aims to combat elder abuse, neglect, and financial exploitation. If you or someone you know is a victim of financial fraud, help is available through the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET and provides personalized support to callers.
On October 11, 2024, Berg’s scheme finally came to an end when he was sentenced in federal court. The outcome is a testament to the hard work of law enforcement and prosecutors who worked tirelessly to bring Berg to justice.
Berg’s victims will no doubt breathe a sigh of relief now that the perpetrator has been held accountable. The sentence serves as a warning to others who would seek to exploit and deceive innocent people for their own gain.
Key Facts
- State: Iowa
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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