The co-founder of investment firm 777 Partners – which made an unsuccessful bid to buy Premier League club Everton – has been accused of defrauding lenders and investors of more than $500m (£372m).
Josh Wander, 44, lied and used false financial documents to inflate the 777’s finances, according to federal prosecutors in Manhattan in the United States.
A potential deal for 777 to acquire the Toffees collapsed in June 2024, before new owners the Friedkin Group bought the club from Farhad Moshiri in December that year.
“Wander used his investment company, 777 Partners, to defraud private lenders and investors out of hundreds of millions of dollars by pledging assets his company did not own, falsifying bank statements, and making other false statements about 777’s financial condition,” said U.S. Attorney Jay Clayton.
Special Agent in Charge Ricky J. Patel said the presented picture of the 777’s finances was “an illusion of stability that was a years-old house of cards.”
According to prosecutors, starting in 2018, Wander began investing in “new sectors with less certain cash flow profiles, including streaming platforms, airlines and professional sports teams such as Sevilla FC and Genoa CFC.”
They said he did so knowing that the Miami-based group either did not have the necessary funds or had already pledged them to other lenders, and tried to hide them.
Wander, of Miami, Florida, is charged with one count of conspiracy to commit wire fraud, one count of wire fraud and one count of securities fraud, each of which carries a maximum sentence of 20 years in prison.
He is also charged with one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.
Wander’s lawyer, Jordan Estes, denied all accusations, telling Bloomberg: “This is a business dispute disguised as a criminal case. We look forward to setting the record straight.”
