Overview

• Federal prosecutors charged Sanberg by criminal information and said he agreed to plead guilty to two wire-fraud counts tied to a scheme causing more than $248 million in losses.
• He faces up to 20 years in prison per count, with a formal plea expected in the coming weeks and sentencing to be set by a judge.
• From 2020 to 2021, he and board member Ibrahim AlHusseini obtained about $145 million in loans by pledging Aspiration stock and using falsified bank and brokerage statements.
• Beginning in 2021, he masked the source of payments that Aspiration booked as revenue by routing money through entities he controlled, affecting results through November 2022.
• Prosecutors say he also used a fabricated audit-committee letter claiming $250 million in cash when the company had under $1 million; the FBI and USPIS continue to investigate, and AlHusseini is set for sentencing on Sept. 29.