Iowa advisor schemed to defraud clients, making FBI Most Wanted list

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By John Hilton

An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run.

William Jack Berg, 51, is charged with money laundering and several counts of wire fraud, according to an indictment filed in U.S. District Court for the Southern District of Iowa.

Berg sold life insurance, annuities, and similar products and also acted as a financial advisor, the indictment says. Between January 2019 and May 2023, Berg allegedly schemed to defraud more than a dozen investors.

"It was part of the scheme that William Jack Berg would meet with individuals to whom Berg had previously sold life insurance, annuities or similar products and Berg would foster a relationship with these individuals to become a trusted advisor concerning financial matters," the indictment says.

Berg spent days on the run, earning a profile on the FBI's Most Wanted page for white-collar crime. Following a tip, Berg was was arrested without incident April 4 in Shawnee, Kansas, court documents say.

U.S. Attorney Richard D. Westphal said clients provided money to Berg to invest on their behalf and were given false financial statements while Berg was instead spending their money for personal gain. Berg allegedly used the money to buy vehicles and jewelry, pay rent on a Waukee townhome, and pay for travel and day-to-day expenses.

Berg encouraged investors to make checks out to W Holdings of Iowa and Excel Performance Management, court documents say, falsely representing both as established investment companies.

"In reality, these entities were created by Berg, wholly controlled by Berg, and only Berg was involved with them," the indictment reads.

Berg would respond to requests to withdraw funds by ignoring the request or creating delays until another investor cut him a check, the indictment says. If he could not secure further funds to pay a request for withdrawal, Berg would ignore it.

Among his expenditures, Berg allegedly bought a custom 14-karat white gold engagement ring with a 2.20-carat oval cut diamond and an additional 38 diamonds weighing 1.04 carats. Berg paid $37,343 for the jewelry.

InsuranceNewsNet Senior Editor John Hilton covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.