Mercer Island fund manager pleads guilty to fraud

Frederick Darren Berg, from Mercer Island, pleaded guilty Tuesday afternoon to one of the state's largest fraud cases.

August 3, 2011 1:34 pm

Frederick Darren Berg, from Mercer Island, pleaded guilty Tuesday afternoon to one of the state’s largest fraud cases.

With the plea, he agreed to serving 18 years in prison for stealing $100 million from investors of Meridian Group and other related ventures over seven years.

Berg plead guilty to wire fraud, money laundering and bankruptcy fraud.

The Islander was investigated by the FBI, IRS criminal division and the state Department of Financial Institutions.

Berg was arrest in October 2010. He is being held at the SeaTac Federal Detention Center.