FBI’s “Most Wanted” William Berg Arrested for Defrauding Investors
Former Iowa financial advisor William Jack Berg, who was purportedly on the FBI’s “most wanted” list, has reportedly been arrested on charges of wire fraud and money laundering, according to an article in Think Advisor this week.
Berg is accused of swindling over a dozen clients out of $1.5 million and using the money for personal benefit. He faces 14 counts of fraud and one money-laundering count. He allegedly acted as a financial advisor and sold various financial products to clients, concealing his sole ownership of the investment firms he recommended. The purported investments included W holdings of Iowa and Excel Performance Management, according to the indictment.
He was reportedly arrested in Kansas on April 4 following a tip to the FBI. Berg, last registered as an investment advisor with Royal Fund Management from 2018 until 2021, operated in central Iowa and elsewhere in the U.S. The investigation is ongoing, and Berg’s SEC record shows no disclosures.
Recovery of Investment Losses
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. Our firm has handled over 700 FINRA arbitration claims on behalf of investors.
If you have suffered losses investing with William Berg, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
