KDSN Radio

A central Iowa man has admitted to defrauding clients who hired them 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 encourage 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 one-point-five million dollars of clients' money and used it as his own to buy cars, jewelry, and other items. One purchase was a 37-thousand dollar engagement ring. He is scheduled to be sentenced October 11th.