FBI looking for Waukee man they say defrauded investors of $1.5 million

DES MOINES, Iowa — The Federal Bureau of Investigation is asking for help to locate a Waukee financial advisor wanted for allegedly defrauding investors out of more than $1.5 million.

William Jack Berg, 51, is charged with Wire Fraud and Money Laundering. The FBI says a federal arrest warrant was issued on March 19th for Berg’s arrest.

William Jack Berg

The redacted indictment against Berg filed in U.S. District Court for the Southern District of Iowa says he sold life insurance, annuities, and similar products and also acted as a financial advisor. It says between January 2019 and May 2023, Berg undertook a scheme to defraud more than a dozen investors.

The documents claim 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. Investigators say Berg used the money to buy vehicles and jewelry, pay rent on a Waukee townhome, and pay for travel and day-to-day expenses.

Among the purchases Berg made was 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.

The FBI says Berg most recently lived in the Waukee and Adel areas. They suspect he could have been in the Des Moines as recently as March 25th.

Berg is described as a 5’11”, 195-pound white male with brown hair and blue eyes. If you have any information on his location, contact the FBI Omaha field office at 402-493-8688.

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