The co -founder of Aspiration and board member has deceived investors of $ 145 million, prosecutors say

Just over four years ago, the friendly Fintech launch was on the verge of a public list of $ 2 billion. Now one of the members of the Board of the Starting Council has pleaded guilty to wire fraud, and one of the co -founders has been arrested for claiming to consist of investor fraud, according to a federal criminal complaint, filed by the US prosecutor’s office in the Central District of California.

Starting of Fintech is under Federal control Years for dubious financial and carbon accounting practices. But the new complaint shines light on a series of loans that have been obtained with the help of supposedly fraudulent tactics.

Aspiration co -founder Joseph Sanberg was arrested on Monday for saying that a plot for a fraud of two different funds of $ 145 million. Also, on the same day, Ibrahim Alhusai, a former member of the company’s independent council, pleaded guilty to combining frauds to counterfeit documents to help Sanberg provide loans, according to federal prosecutors.

If sentenced, Sanberg is up to 20 years in prison. Alhusseini faces the same maximum punishment, although he cooperates with prosecutors, According to of the US Prosecutor’s Office of the Central District of California.

The launch has attracted a long list of famous investors of the years, including actors Orlando Bloom, Leonardo DiCaprio and Robert Downey, Jr., musician Drake and Basketball coach dock by Rivers. The company hoped to become public by SPAC in 2021, but The deal fell In 2023

Sanberg and Alhusini are accused of fraud with two different investors. In 2020, Sanberg negotiated with a $ 55 million loan with an unnamed investor fund. He promised 10.3 million shares of his aspiration shares as collateral; The Investor Fund required Sanberg to find a third party to agree to buy the action on a secondary sale if the Fund wants.

According to the prosecutor’s office, Alhusini was the alleged third party. Sanberg is said to have convinced him in January 2020 to go into the option of launching the shares, which would oblige Alhusani to buy if the unnamed fund wants to sell.

But Alhusseini did not have $ 55 million to pay the fund if he exercised the opportunity, said federal prosecutors. It is said that Sanberg and Alhusa have worked with a graphic designer in Lebanon to make fun of a false brokerage account and bank statements to inflate Alhsnie’s assets by $ 80 million to $ 200 million.

With the Put option, the fund occupies Sanberg $ 55 million. Alhusseini received $ 6 million from the loan as a premium payment to guarantee repayment in the event that the aspiration is subjected.

In November 2021, Sanberg claimed to refinance the loan with a second unnamed investor fund. This time the loan was for $ 145 million.

Again, Alhusseini claims that he has agreed to the Put option, this time for $ 65 million in case 10.3 million shares become useless. And like the previous loan, Sanberg and Alhussey claim to have shown the second fund, falsifying documents that inflate the assets of Alhusa. This time Alhusseini received $ 6.3 million as a premium payment.

A total of Alhusseini received $ 12.3 million from the scheme, according to his legal basis agreement.

A year later, Sanberg has a died of $ 145 million. Then in the spring of 2023 he flashed again. The fund that provided the loan exercises its Put option with Alhusseini, which has not bought the shares. The fund has lost at least $ 145 million, according to the US law firm.