https://www.kcrg.com/2024/06/13/waukee-man-pleads-guilty-wire-fraud-money-laundering/

WAUKEE, Iowa (KCRG) -A Waukee man is set to be sentenced after pleading guilty to wire fraud and money laundering charges.

Officials say 51-year-old William Jack Berg defrauded over a dozen individuals from January 2019 to May 2023 while he acted as a financial advisor. Berg encouraged the individuals to withdraw money out of pre-existing investments and transfer the money to him for investment through “W Holdings of Iowa” and/or “Excel Performance Management.”

The individuals provided Berg with over $1.5 million that he did not invest for their benefit, instead using the money for his own personal expenses.

Berg faces up to 20 years in prison for wire fraud and 10 years for money laundering.

He is scheduled to be sentenced on October 11th, 2024.