Waukee Financial Advisor Accused Of Fraud In Custody

(Iowa) -- The FBI has arrested a Waukee man accused of defrauding more than a dozen clients out of $1.5 (M) million dollars. Investigators say 51-year old William Jack Berg used his position as a financial advisor for his personal benefit.

The FBI received a tip on Berg's location, leading to his arrest in Shawnee, Kansas last week.

Berg was wanted on money laundering and fraud charges. An investigation by the FBI and the Iowa Insurance Division’s Fraud Bureau found that instead of investing his clients’ funds, Berg used the money for his personal benefit.

Berg was apprehended without incident by the Shawnee, Kansas Police Department on April 4, 2024 after the FBI received a tip on Berg’s whereabouts.  

Iowans with information about insurance fraud are encouraged to contact the Iowa Insurance Division’s Fraud Bureau at 515-654-6556.