FBI’s “Most Wanted” William Berg Arrested for Defrauding Investors
William Berg, a former financial advisor from Waukee, Iowa, was reportedly sentenced to nine years in federal prison on October 18th, 2024, after purportedly pleading guilty to wire fraud and money laundering. He was ordered to pay over $1.6 million in restitution. Berg allegedly defrauded at least 17 people out of more than $2 million over eight years, convincing them to transfer funds to his companies. Additionally, he reportedly attempted to obstruct the investigation by destroying documents.
Berg, who was purportedly on the FBI’s “most wanted” list, was reportedly arrested in April 2024, according to an article in Think Advisor.
William Berg: 14 Counts of Fraud and 1 Count of Money Laundering
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
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
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.
Free Consultation
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.
