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(Polk County, IA) -- A Waukee man is facing decades in prison for wire fraud and money laundering. Fifty-one-year-old William Berg pleaded guilty this week. Court records state Berg sold life insurance and annuities in Central Iowa and elsewhere. Investigators say Berg defrauded over a dozen people of $1.5 (M) million. Berg was accused of using the money for his own use for travel, clothing, dining out, and to buy vehicles and jewelry- including a $37-thousand, 14 karat diamond engagement ring. As part of his plea, Berg has agreed to forfeit and other jewelry purchased with fraudulently acquired monies.
According to public court records, Berg acted as a financial advisor, from at least January 2019, and continuing to May 2023. Investigators say Berg encouraged investors to withdraw money out of their pre-existing investments or financial accounts and transfer the withdrawn money to Berg for investment through “W Holdings of Iowa” and/or “Excel Performance Management.”
Berg also used the money to make payments to other individuals as purported “returns” or “dividends” on previously received money despite Berg had already spent those individuals’ monies. Berg admitted to making false and fraudulent representations to his victims for the purpose of enriching himself at the expense of the victims.
Berg is scheduled to be sentenced on October 11, 2024, and potentially faces up to twenty years in prison for wire fraud and up to 10 years in prison for money laundering. A federal district court judge will determine the sentence Berg will receive after considering the United States Sentencing Guidelines and other statutory factors. 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.