A central Iowa man has admitted to defrauding clients who hired him to be their financial advisor.
Fifty-one-year-old William Berg of Waukee pleaded guilty to wire fraud and money laundering. Court records show he encouraged clients to withdraw money from their investment and financial accounts and transfer it to his accounts known as “W Holdings of Iowa” or “Excel Performance Management.”
The information shows over a four-year period Berg took $1.5 million of his clients’ money and used it as his own to buy cars, jewelry, and other items. One purchase was a $37,000 engagement ring. He is scheduled to be sentenced October 11th.