Kristi Margaret Berge, a 48-year-old financial adviser from Edina, Minnesota, was sentenced to 30 months in federal prison for a wire fraud scheme that resulted in the misappropriation of over $2 million in client funds. Berge was also sentenced to two years of supervised release and ordered to pay restitution of $2,104,395 to her victims.
Berge was the founder and CEO of Keep Safe Investments LLC (KSI Financial), a financial planning and investment services firm, and co-owned J&K Connect LLC, a real estate company involved in buying, renovating, and selling properties. From June 2020 to February 2023, she misappropriated funds from client accounts by falsely claiming that the money would be securely invested in retirement accounts like IRAs and 401(k) plans.
Instead, Berge withdrew amounts ranging from $5,000 to $220,000 from client accounts and deposited the funds into bank accounts under her control. She used the misappropriated funds to purchase multiple properties in Edina, Minnesota, for her real estate business. To conceal her actions, Berge falsely labeled the withdrawals as “management” or “administrative” fees and fabricated records to make it appear as though clients had authorized the transactions.
The fraudulent activities spanned nearly three years, affecting multiple clients who had trusted Berge with their investments. The sentencing highlights the severity of the crime and serves as a warning to others who may engage in fraudulent financial schemes.
