A central Iowa man will spend nine years in prison on fraud and money laundering charges.
Court documents show 52-year-old William Berg of Waukee got 17 people to invest in W. Holdings of Iowa and Excel Performance Management, two companies he created and controlled. He created fake investment agreements, account statements, and a website to get their money, and then spent it on himself. Investigators say Berg attempted to destroy documents one he learned of his federal indictment.
He was given the 9-year prison sentence and ordered to pay more than $1.6 million in restitution.