Green Banking Gone Bad: Celebrity Backers to Jail Time
Joseph Sanberg, 46, cofounder of the green banking dream machine Aspiration Partners, pleaded guilty to wire fraud for inflating bank cash from under $1 million to a mythical $250 million. Backed by the likes of Steve Ballmer, Leonardo DiCaprio, and Drake (because nothing says 'trustworthy' like celebrities), Sanberg managed to fleeced investors out of $248 million before reality and the SEC crashed the eco-party. In 2020, worried texts to his CEO cofounder sounded more like apocalyptic betrayal: 'If you don’t get me the money tomorrow we are all f…ed.' Spoiler alert: 2026 sentencing date awaits while the SPAC IPO plan spectacularly tanked after a $2.3 billion head-fake.
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When your eco-friendly scandal involves $248 million, Steve Ballmer, Drake, and Leonardo ‘Innocent Until Proven Guilty’, you know the planet isn’t the only thing being deforested – investors’ trust got clear-cut.
Aspiration promised green banking but delivered 'green with envy' investors after lying about cash cushions thinner than the trees they claimed to plant.
Wire fraud, celebrity backers, and fake cash — sounds like the world's worst startup pitch except this one comes with an actual prison sentence.
Source: Businessinsider | Published: 10/21/2025 | Author: Kaja Whitehouse
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