FBI Hunts Iowa Advisor Charged With $1.5M Fraud

The Federal Bureau of Investigation is searching for an Iowa financial advisor accused of money laundering and wire fraud.

William Jack Berg, 51, allegedly defrauded more than a dozen client investors in a scheme that caused them to lose over $1.5 million, according to the FBI, which lists him on its Most Wanted page for white-collar crimes.

“It is alleged that victim investors provided Berg, a financial advisor in Waukee, Iowa, with funds for investment. However, rather than investing, Berg allegedly used the funds for his personal benefit,” the FBI’s wanted poster states.

On March 19, a federal arrest warrant was issued for Berg in the U.S. District Court for the Southern District of Iowa in Des Moines after he was charged with wire fraud and money laundering, the poster says.

The FBI Most Wanted account on X, formerly Twitter, posted Berg’s photo and information on Sunday.

His last known residences include Waukee and Adel, Iowa.

Berg sold life insurance, annuities and other products and also acted as a financial advisor to people in central Iowa and elsewhere in the U.S., according to the indictment filed March 19.