Aspiration Partners Co-Founder Sentenced to Prison for $248M Scheme to Defraud Investors and Lenders
US Department of Justice
A California man who was a co-founder and former board member of Aspiration Partners, Inc., a financial technology and sustainability services company, was sentenced yesterday to 14 years in prison for a five-year scheme to defraud multiple lenders and investors of at least $248 million. “Joseph Sanberg preyed on investors and lenders who believed in his vision of environmentally conscious fintech,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division. “Instead of delivering on Aspiration’s promises, he orchestrated a multi-year scheme involving fake clients, sham payments, and deceptive loan collateral that caused at least $248 million in losses to numerous victims. This sentence holds him accountable and serves as a clear warning to others who abuse trust for personal gain and obtain loans from the financial industry based on lies and misrepresentations.”
