An Iowa man from the Waukee area who was wanted by the FBI has now officially been arrested.

Whenever you're watching a movie or a TV show and the FBI joins a crime scene, they normally "take over" the investigation. While many people think the FBI may outrank local or state police officers, this isn't exactly true. According to the FBI, "FBI and State/Local agencies are often pooled in a common effort to investigate and solve cases." 

While the FBI may join forces with local law enforcement to solve cases, if you have the FBI looking for you...chances on you're in some serious trouble. The FBI isn't out searching for petty criminals on a regular basis.

William Jack Berg is a financial advisor from Waukee and is now in custody and being accused of fraud and money laundering.

According to the Iowa Insurance Division, William Berg had a warrant issued for his arrest on March 19th and he has now been caught in Kansas. Berg has allegedly defrauded more than a dozen client investors. His scheme resulted in the loss of more than $1.5 million.

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Instead of investing the money he received from his clients, he took the money to use for his own personal benefit. He was arrested on April 4th in Shawnee, Kansas, by the local Police Department. There was no serious incident that took place while he was arrested.

Misappropriation of Funds

According to Lawyer Robert M Helfend, "If a person is entrusted with someone else's money, property, or assets but uses them for their own benefit, they could be guilty of misappropriation." 

The potential penalties for someone found guilty of misappropriation are:

• A prison sentence of up to one year for misdemeanor misappropriation and/or up to 10+ if charged with a felony
• Fines of up to $1,000 for a misdemeanor offense and up to $10,000 or more for a felony offense.
• Restitution paid to the victim/s
• Up to 5 years of probation

Misappropriation of funds is normally charged as a felony and can be reduced to a misdemeanor.