Los Angeles, California – An Orange County businessman who built his reputation as both a fintech innovator and progressive activist now faces prison after admitting to orchestrating a massive fraud.
Federal prosecutors announced Thursday that Joseph Neal Sanberg, 46, co-founder and board member of Aspiration Partners Inc. — once billed as a sustainability-focused financial services firm — has agreed to plead guilty to two felony counts of wire fraud. Each charge carries a maximum sentence of 20 years in prison.
According to court filings, Sanberg ran a years-long scheme to mislead lenders and investors about Aspiration’s financial health, inflating numbers and concealing his own role in propping up revenue streams. Prosecutors say his actions caused more than $248 million in losses…