Oct. 16: Joshua Wander, co-founder of 777 Partners, pleads guilty to charges of defrauding investors, a day before his scheduled start.
Wander pleaded guilty to securities fraud and wire fraud charges totaling more than $500 million. Wander will be sentenced in March.
During the deposition, Wander admitted to borrowing money in 2021 and 2022 based on figures that exaggerated assets. “At the time I did these things, I knew what I was doing was wrong, and I deeply regret my conduct,” he told Judge J. Paul Oetken.
Wander agreed to pay $500 million in restitution to investors.
777 members owned shares in Hertha Berlin in Germany, Genoa in Italy, Standard Liege in Belgium and Vasco da Gama in Brazil. However, the investment firm and Wander failed in their bid to acquire Premier League club Everton as questions began to arise about their business.
Prosecutors said Wander engaged in a fraudulent scheme through 777 Partners, misappropriating hundreds of millions of dollars from lenders and private investors, including pledging non-owned assets, falsifying bank records and intentionally misrepresenting the company’s financial statements.
“Whether perpetrated in the private or public markets, this brazen conduct undermines the integrity of our financial system and will not be tolerated,” U.S. Attorney Jamie McDonald said in a statement.
The collapse of 777 Partners and Wander’s trial highlight the financial dangers facing football both with multiple club ownership groups and the influx of private equity cash into European football.
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