US businessman whose firm invested in European soccer clubs pleads guilty to fraud
US businessman Josh Wander, 45, of 777 Partners investment firm pleaded guilty to fraud charges on Thursday in New York. Wander, co-founder of Miami-based 777 Partners, admitted to committing wire fraud and securities fraud. He agreed to repay $500 million in losses caused by the fraudulent scheme.
Wander owned stakes in several struggling European soccer clubs, including Hertha Berlin in Germany, Genoa in Italy, Standard Liege in Belgium, and Vasco da Gama in Brazil. The company’s finances faltered during the COVID-19 pandemic, leading Wander to borrow money based on inflated asset values. He misrepresented his firm's financial situation, falsifying bank statements and pledging assets that the firm did not own.
These deceptive practices allowed him to defraud private lenders and investors of hundreds of millions of dollars.
In court, Wander expressed deep regret for his actions, stating, "At the time that I did these things, I knew what I was doing was wrong, and I am deeply sorry for my conduct." His sentencing is set for March 1, and he faces up to 40 years in prison.
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