Channels

Sticky Video Player with Ad Breaks Responsive Sticky Ad Banner
AD Affiliate Disclosure: contains advertisements and affiliate links. If you click on an ad or make a purchase through a link, CoachKeewee.com may earn a commission at no extra cost to you.
📺 WATCH US NOW!

Cofounder of fintech once backed by Steve Ballmer and Drake pleads guilty to wire fraud

October 20, 2025
Joseph Sanberg

Craig Barritt/Getty Images for Jefferson Awards Foundation)

  • Joseph Sanberg pleaded guilty on Monday to two counts of wire fraud.
  • Sanberg was cofounder of green banking startup Aspiration Partners.
  • The company once boasted high-profile backers like Steve Ballmer, Leonardo DiCaprio, and Drake.

The cofounder of a green banking startup that drew celebrity backers like Steve Ballmer and Leonardo DiCaprio pleaded guilty on Monday to two counts of wire fraud.

Joseph Sanberg, 46, entered the plea in Los Angeles federal court roughly six months after prosecutors accused him of participating in a scheme that they said defrauded investors out of $248 million.

Sanberg, an early investor in Blue Apron, faces up to 40 years in prison. His sentencing is scheduled for February 23, 2026.

His company, Aspiration Partners, offered environmentally focused financial services, including tree-planting services intended to help customers reduce their carbon footprints. In 2021, the company announced plans to go public through a SPAC deal that was expected to value it at $2.3 billion. The deal was called off in 2022.

The feds said Sanberg took steps to make Aspiration Partners look more financially successful than it was, including a letter from Aspiration’s audit committee that falsely suggested the company had $250 million in cash and cash equivalents. It actually had less than $1 million in ready cash.

Sanberg used these fraudulent financial materials to obtain millions of dollars in loans and investments, prosecutors said.

Sanberg is also being sued by the Securities and Exchange Commission, which said the fintech founder enlisted friends, business associates, and others to help him artificially boost the company’s financial prospects.

The SEC’s civil suit claims he did this by having people sign “letters of intent” — or contracts saying they would pay Aspiration between $25,000 and $750,000 regularly for tree-planting and other environmental services. Sanberg told these customers that they wouldn’t have to pay for these services, the SEC said.

The government watchdog suggested Aspiration’s financial woes were taking a toll on Sanberg as far back as 2020 when he texted his cofounder and Aspiration’s CEO about his fears of a default.

“Figure out how to get me the money tomorrow or I’ll be in default,” he wrote. “It’s your turn to do what needs to be done. . . . But if you don’t get me the money tomorrow we are all f…ed.”

“This will give you a good taste of what I have to experience every day,” Sanberg wrote, adding: “I hate you and I hate this company and I don’t want to work anymore with you [ ]. You are so oblivious to what you’ve forced me to have to do. “

Read the original article on Business Insider

Content Accuracy: Keewee.News provides news, lifestyle, and cultural content for informational purposes only. Some content is generated or assisted by AI and may contain inaccuracies, errors, or omissions. Readers are responsible for verifying the information. Third-Party Content: We aggregate articles, images, and videos from external sources. All rights to third-party content remain with their respective owners. Keewee.News does not claim ownership or responsibility for third-party materials. Affiliate Advertising: Some content may include affiliate links or sponsored placements. We may earn commissions from purchases made through these links, but we do not guarantee product claims. Age Restrictions: Our content is intended for viewers 21 years and older where applicable. Viewer discretion is advised. Limitation of Liability: By using Keewee.News, you agree that we are not liable for any losses, damages, or claims arising from the content, including AI-generated or third-party material. DMCA & Copyright: If you believe your copyrighted work has been used without permission, contact us at dcma@keewee.news. No Mass Arbitration: Users agree that any disputes will not involve mass or class arbitration; all claims must be individual.

Related Posts

Warner Bros. Discovery pursues entire company sale ahead of spinoff plans
Warner Bros. Discovery pursues entire company sale ahead of spino ...
October 21, 2025
I didn’t think river cruises were for me, but my first one had so many surprising perks that I’ve changed my mind
I didn’t think river cruises were for me, but my first one had so ...
October 21, 2025
I made Ina Garten’s 4-ingredient vinaigrette, and it’s now my secret sauce for upgrading just about any dish
I made Ina Garten’s 4-ingredient vinaigrette, and it’s now my sec ...
October 21, 2025

Sponsored Advertisement