A former Iowa monetary advisor who landed on the Federal Bureau of Investigation’s “most wished” listing has been arrested on wire fraud and cash laundering fees associated to allegations he swindled quite a few shoppers.
William Jack Berg, 51, was arrested in Kansas on April 4, in response to an arrest warrant that had been filed over two weeks earlier within the U.S. District Courtroom for the Southern District of Iowa. The FBI subject workplace in Omaha, Neb., introduced the arrest on X, previously Twitter, on April 5.
Authorities allege Berg, final registered as an funding advisor in 2021, scammed greater than a dozen shoppers out of $1.5 million and used the funds for his private profit. The courtroom docket signifies he faces 14 fraud counts and one money-laundering rely.
The FBI obtained a tip on Berg’s location on April 4 and he was arrested with out incident by the Shawnee, Kansas, police division, an FBI spokesperson informed ThinkAdvisor on Tuesday. The spokesperson couldn’t remark additional as a result of the investigation is ongoing.
A March 19 indictment alleges Berg bought life insurance coverage, annuities and different merchandise and acted as a monetary advisor to folks in central Iowa and elsewhere within the U.S., and likewise created a number of enterprise entities and opened financial institution accounts of their names. He was the only real proprietor and signer on these accounts, it says.