LOS ANGELES – An Orange County man who co-founded and served on the board of financial technology and sustainability company Aspiration Partners Inc. has been charged and agreed to plead guilty to defrauding multiple investors and lenders.
Joseph Neal Sanberg, 46, of Orange, faces two counts of wire fraud, each carrying a maximum 20-year federal prison sentence. He has agreed to plead guilty to both counts and is expected to formally enter his plea in the coming weeks.
Statements from Officials
“This so-called ‘anti-poverty’ activist has admitted to being nothing more than a self-serving fraudster, by seeking to enrich himself by defrauding lenders and investors out of hundreds of millions of dollars,” said Acting U.S. Attorney Bill Essayli. “I commend our law enforcement partners for their efforts in this case, and I urge the investing public to use caution and beware of wolves in sheep’s clothing.”
“For years, Joseph Sanberg used his position at Aspiration to deceive investors and lenders for his own benefit, causing his victims over $248 million in losses,” said Acting Assistant Attorney General Matthew R. Galeotti. “The Criminal Division is committed to pursuing, charging, and convicting fraudsters like Sanberg, who cause significant harm to their victims and undermine our financial institutions.”
“The defendant didn’t just bend the truth, he built a business on a lie to boost the company’s value and line his own pockets,” said Inspector in Charge Eric Shen, USPIS. “The Postal Inspection Service will go after this kind of calculated deception. No matter who you are, you will be brought to justice.”
“This is a case about greed and abuse of trust,” said Assistant Director Jose A. Perez, FBI Criminal Investigative Division. “Today’s guilty plea is a direct result of the commitment by the FBI and our law enforcement partners to hold those accountable who set out to defraud victims and undermine our financial system.”
Scheme Details
Court documents state that from 2020 to 2025, Sanberg used his role as co-founder and board member and his Aspiration stock shares to defraud investors and lenders:
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Loans and Asset Inflation: Between 2020–2021, Sanberg and board member Ibrahim AlHusseini fraudulently obtained $145 million in loans by pledging Sanberg’s Aspiration stock. They falsified AlHusseini’s bank and brokerage statements to inflate his assets by tens of millions to secure the loans.
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Revenue Concealment: Beginning in 2021, Sanberg misrepresented revenue sources, concealing that certain income came from himself rather than Aspiration’s customers.
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Tree Planting Payments: He recruited companies and individuals to commit to paying tens of thousands per month for tree planting services. Sanberg used entities under his control to make it appear the payments were legitimate customer revenue, instructing Aspiration employees not to contact the clients.
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Inflated Financial Statements: Aspiration booked revenue from March 2021–November 2022 that overstated the company’s income, and Sanberg continued soliciting investors through 2025.
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Fraudulent Documents: Sanberg created false financial materials, including a fake audit committee letter claiming Aspiration had $250 million in cash when it had less than $1 million, using them to obtain more loans and investments.
Sanberg’s actions caused victims to sustain over $248 million in losses.
Investigation and Prosecution
The case is under investigation by the USPIS and FBI.
Prosecutors:
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AUSAs Nisha Chandran (Major Frauds Section) and Jenna Williams (Transnational Organized Crime Section)
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Justice Department Trial Attorneys Theodore Kneller and Adam L.D. Stempel (Criminal Division’s Fraud Section)
They are handling the prosecution.
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