What You Must Know
- Berg had fostered a trusted monetary advisor relationship with the victims, prosecutors stated.
A former monetary advisor in Iowa who appeared on the Federal Bureau of Investigation’s “most needed” checklist has pleaded responsible to wire fraud and cash laundering costs.
William Jack Berg, 51, who was arrested in April, pleaded responsible on June 10 in connection to defrauding over a dozen folks by encouraging them to switch their funds to him for funding, in keeping with prosecutors.
The focused people supplied Berg with over $1.5 million that he used as an alternative for his personal private bills, together with autos, jewellery, hire, journey, groceries, gasoline, clothes and eating out, the U.S. legal professional’s workplace for Iowa’s southern district stated.
As a part of his plea, Berg, who lived in Waukee, Iowa, agreed to forfeit jewellery bought with fraudulently acquired cash, together with an engagement ring acquired with a verify from his checking account for $37,343, prosecutors stated.
Berg additionally used the traders’ cash to make funds to different people as purported “returns” or “dividends” on beforehand obtained cash regardless that he had already spent these people’ belongings.
Berg admitted to creating false and fraudulent representations to his victims for the aim of enriching himself on the expense of the victims, prosecutors stated.
He’s scheduled to be sentenced on Oct. 11 and doubtlessly faces as much as 20 years in jail for wire fraud and as much as 10 years in jail for cash laundering. Berg additionally can be ordered to pay restitution to all victims of his fraud scheme in an quantity to be decided by the sentencing U.S. district courtroom decide.