Former Iowa Insurance Producer Sentenced for Wire Fraud and Money Laundering

William Berg, an insurance producer and former financial advisor from Waukee, Iowa, was sentenced to nine years in prison on Friday after pleading guilty 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 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 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 Insurance Division

Topics Fraud