Edina financial advisor pleads guilty to stealing $1.6 million in client funds
EDINA, Minn. — A 47-year-old financial advisor based out of Edina pleaded guilty Thursday to wire fraud for misappropriating $1.6 million in client investments, says U.S. Attorney Andrew M. Luger.
According to court documents, Kristi Berge was the founder and CEO of Keep Safe Investments, also known as KSI Financial, based out of Edina. She also co-owned and operated J&K Connect, a company that invested in real estate.
From June 2020 to February 2023, the U.S. Attorney's Office says Berge "misappropriated approximately $1.6 million from some of her clients' accounts by falsely representing to clients that she would maintain their money in safe and secure investment accounts, such as individual retirement accounts and 401(k) retirement savings plans."
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Instead, Berge repeatedly withdrew client funds in varying amounts — between $5,000 and $220,000 — and deposited those funds into accounts she controlled. She then used the funds to purchase multiple properties in Edina for her real estate business.
She labeled the deposits as "management" or "administrative" fees and fabricated records, the DOJ said. She then fabricated records to give the impression that she had been authorized to withdraw the funds.
Berge is facing up to 20 years in prison.
