It seemed to be the realization of the American dream: a man went from poverty to attend Harvard University, find success at Wall Street, co-founding a financial and ecological sustainability and even flirting with a presidential offer.
But this week, Joseph Sanberg, who made a fortune to invest early in companies like Blue Tabre, was placed in police custody for his alleged role in the bilking of investors of at least $ 145 million.
Sanberg, 45, of Orange, was arrested on Monday, according to the United States Ministry of Justice. The official court file is sealed, but in a statement, the authorities allegedly allegedly plotted to fraud two investor funds.
Sanberg, co-founder of Aspiration Partners Inc., appeared on Monday at the Santa Ana American district court. He did not plead and were released on bail of $ 200,000, according to the files. He is back for indictment on March 28.
Times could not locate a lawyer for Sanberg. A call to a number listed for him was not returned.
Over the years, Sanberg has pulled the front page of the newspapers from his anti -pale activism – in particular by pushing to establish a Californian version of the won federal tax credit, from which he benefited as a child.
Sanberg also founded a non -profit organization, was classified with $ 3.5 million in its own money and six -digit contributions such as the Annenberg Foundation, the Streisand Foundation and the Civil Rights lawyer Molly Munger, to launch an advertising campaign to ensure that people eligible for money received it.
He also directed proposal 32, a failed voting measure of 2024 which would have increased the minimum wage of California.
In 2019, Sanberg planned to present himself to the presidential democratic appointment, but finally opted against her.
The Ministry of Justice announced this week that a man he identified as co -conspirator – Ibrahim Ameen Alhusseini, 51 years old – had pleaded guilty of wire fraud to falsify documents that helped the alleged regime.
The Venice resident is expected to sentence on September 29. Alhusseini could spend up to 20 years in prison with financial sanctions totaling at least $ 250,000, according to the authorities.
Alhusseini’s lawyer refused to comment on the case.
Alhusseini was initially arrested in October suspected of fraud in securities, according to the criminal complaint. This accusation was rejected with prejudices “to facilitate its cooperation,” said the Ministry of Justice.
“Our prosecutors and partners responsible for the application of laws worked methodically to obtain a plea of guilt of one of the main offenders in this case”, acting. Joseph McNally said in a statement.
Prosecutors allege that Sanberg has used a variety of people, led by Alhusseini, and fraudulent documents to commit wire fraud against two investor funds.
He is accused of negotiating a loan of $ 55 million in a fund, promising a shares of his company as a guarantee. To guarantee the loan, the authorities allege that Sanberg has recruited Alhusseini, a member of the board of directors of the aspiration partners, to support the agreement, even if he knew that Alhusseini did not have the necessary assets.
The court documents allege that the pair was moving falsified documents which artificially inflated the assets of Alhusseini.
After obtaining this loan, the authorities alleged that Sanberg refined it in 2021.
According to the criminal complaint, Sanberg has skillfully trained Alhusseini on how to speak to investors to appease any concern. He would have said an investment advisor that he would cancel an agreement if this person was trying to independently check the veracity of his financial allegations and Alhusseini, according to the complaint.
Sanberg was lacking on this loan in November 2022 and again the following spring, according to the authorities.
The loans were supposed to be supported by Alhusseini. However, he did not have much money – after producing falsified brokerage declarations and banks that inflated his financial assets, according to the authorities. The duo would also have used a graphic designer to help the doctor in false statements.
At one point in 2019, Alhusseini said he had $ 86 million in a Fidelity account. In reality, the balance was $ 4,390.10, according to the criminal complaint.
Alhusseini received a payment of approximately $ 6.3 million to be guarantor for one of the loans and admitted to having received $ 12.3 million in regime payments, said criminal complaints.
“We will continue to ensure that markets and businesses receive an honest and equitable playground to work,” said McNally.
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