Investment Fund Manager Pleads Guilty to $100 Million Financial Fraud Scam
Earlier this month, Frederick Darren Berg pleaded guilty to one of the largest financial frauds in the history of Washington State. Mr. Berg was a Mercer Island investment fund manager at the Meridian Group. He is accused of running a 7-year scheme that cost hundreds of investors about $100 million.Mr. Berg was originally arrested in October 2010 when authorities alleged that he ran a Ponzi scheme.
Officials say he used money from later investors to pay earlier investors and to enrich himself instead of investing in the real estate developments that his investors thought they were purchasing.
Some of Mr. Berg's investors wrote letters to the court claiming that Mr. Berg's actions cost them their retirement savings and ruined them financially.
Mr. Berg pleaded guilty on August 2, 2011 and agreed to an 18-year prison term. Sentencing has been scheduled for November 4, 2011.
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