The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds |

Business / Technology

Our network sites | Advanced

Originally published Friday, November 19, 2010 at 6:01 PM

Comments (0)     E-mail E-mail article      Print Print      Share Share

Darren Berg pleads not guilty to federal fraud charges

Trial set for Jan. 24 in U.S. District Court in Seattle.

Frederick Darren Berg pleaded not guilty Friday to federal charges that he ran a massive Ponzi scheme for nearly a decade that bilked investors out of more than $100 million.

Trial was set for Jan. 24 in U.S. District Court in Seattle.

Berg, a Mercer Island resident, was indicted by a federal grand jury Thursday on 12 counts of wire fraud, money laundering and bankruptcy fraud.

Prosecutors say Berg took in more than $280 million from investors for his Meridian Group of investment funds. But instead of investing the money in real-estate contracts — the funds' purported purpose — he used it instead to finance a luxurious lifestyle, operate a high-end charter-bus company, and pay back older investors with newer investors' funds, prosecutors say.

Berg was arrested Oct. 21 in Los Angeles, and has remained in custody since.

E-mail E-mail article      Print Print      Share Share

More Business & Technology

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

More Business & Technology headlines...

News where, when and how you want it

Email Icon

No comments have been posted to this article.


Get home delivery today!



AP Video

Entertainment | Top Video | World | Offbeat Video | Sci-Tech