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Aspiration co-founder to plead guilty to $248M fraud scheme

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Aspiration co-founder to plead guilty to $248M fraud scheme Tim De Chant AM PDT · August 22, 2025 Sustainability-focused fintech Aspiration was flying high a few years ago, attracting famous investors including Orlando Bloom, Leonardo DiCaprio, and Robert Downey Jr. Now, its co-founder will plead guilty to helping perpetuate a $248 million fraud scheme, according to U.S. attorneys.

Joseph Sanberg, who was arrested in March, has agreed to plead guilty to two counts of wire fraud, felony counts that could land him in prison for up to 20 years each.

“This so-called ‘anti-poverty’ activist has admitted to being nothing more than a self-serving fraudster,

Sanberg is accused of disguising the

But the payments to Aspiration instead came from legal entities controlled

Sanberg also allegedly fabricated a letter from Aspiration’s audit committee that said the startup had $250 million in cash and equivalents available. In reality, Aspiration had less than $1 million in cash.

Using that fabricated letter and the false revenue statements, Sanberg is accused of obtaining $145 million in loans

Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | October 27-29, 2025 REGISTER NOW Ultimately, victims of the fraud suffered more than $248 million in losses, according to the U.S. attorney’s office.

“Sanberg continued to solicit investors to invest in Aspiration securities into 2025,” the U.S. attorney’s office said. He is expected to file a formal plea in the coming weeks.

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Tim De Chant Senior

Tim De Chant is a senior climate

De Chant is also a lecturer in MIT’s Graduate Program in Science Writing, and he was awarded a Knight Science Journalism Fellowship at MIT in 2018, during which time he studied climate technologies and explored new business models for journalism. He received his PhD in environmental science, policy, and management from the University of California, Berkeley, and his BA degree in environmental studies, English, and biology from St. Olaf College.

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