Just four years ago, the climate -friendly Fintech Start Up Support was on a $ 2 billion public list. Now, one of the members of the board of directors of the new company was convicted of fraud, and according to the federal criminal dissatisfaction raised by the US lawyer’s office in the Central District of California, one of the co -founders was arrested for fraudulent investors.
Fintech Startup has been federal investigations for suspicious finance and carbon accounting practices. But the new complaints shine light on a series of loans obtained using fraudulent tactics.
Joseph Sanberg, a co -founder of aspirations, was arrested on Monday when it was estimated that other funds of $ 145 million were converted into fraud. In addition, Ibrahim Alhusseini, a former independent director of the company, convicted fraud for forging false documents so that Sanberg could secure loans on the same day.
When convicted, Sanberg is sentenced to up to 20 years in prison. According to the US lawyer’s office in the Central District of California, Alusseini is in cooperation with the prosecution but is working with the prosecution.
Startup has attracted a long list of famous investors, including actors Orlando Bloom, Leonardo Dicaprio and Robert Downey Jr. The company wanted to be released through SPAC in 2021, but the contract fell in 2023.
Sanberg and ALHUSSEINI were both prosecuted by other investors. In 2020, Sanberg negotiated a $ 55 million loan with an unnamed investor fund. He promised 13.3 million shares of his aspirations as collateral. Investor funds had to find a third party who would agree with Sanberg to buy stocks in secondary sales if the fund wanted.
According to the prosecution, Alfussey Ni is a third -party charges. Sanberg insisted that in January 2020, he persuaded to start a foot option for stocks.
However, Alhusseini had no $ 55 million in paying the fund if the option was exercised, the federal prosecutor said. Sanberg and ALHUSSEINI, along with Lebanon’s graphic designers, mocked fake brokerage accounts and bank statements to expand Alhusseini’s assets from $ 80 million to $ 200 million.
If the PUT option is in place, the fund lends $ 55 million to Sanberg. Alhusseini received $ 6 million from a loan.
In November 2021, Sanberg insisted that the loan was refined with the second name without the second name. This time, the loan was $ 145 million.
Again, ALHUSSEINI insisted that he agreed with the foot option. And as in previous loans, Sanberg and Alhusseini showed the second fund forged document that inflated the assets of ALHUUSSEINI. This time, Alhusseini received $ 6.3 million for premium payments.
According to his petition contract, total Alhusseini received $ 12.3 million in this plan.
A year later, Sanberg failed to loan $ 145 million. Then in the spring of 2023 he was rebound. The fund, which provided the loan, exercised the putting option with Alhusseini who did not acquire stocks. According to the US lawyer’s office, the fund has lost more than $ 145 million.
