Josh Wander, co-founder of Miami-based investment group 777 Partners, is set to plead guilty on Thursday to charges of defrauding investors, one day before his trial was due to begin in Manhattan federal court. Wander, whose firm attempted to buy Everton football club in a collapsed 2024 deal, faces six counts including wire fraud, securities fraud and witness tampering. Prosecutors allege he defrauded lenders and investors of nearly $500 million by sending doctored documents created with Microsoft Paint, pledging the same collateral to multiple lenders and temporarily shifting assets to hide shortfalls.
Authorities say he transferred $13.7 million of a lender's money to his personal brokerage account and spent thousands from a firm loan on personal expenses including credit card bills. A former 777 Partners chief financial officer already pleaded guilty and cooperated with the government. The plea represents a reversal for Wander, who previously said he looked forward to "setting the record straight" in what he called a "business dispute dressed up as a criminal case".
Previously associated with basketball star LeBron James, Wander tried to build a sports investment profile through 777 Partners stakes in teams across Europe and Australia. 777 Partners began with structured settlements before expanding into streaming platforms, airlines and sports teams. Rising interest rates and risky investments left the firm lacking funds for operating expenses and payroll by 2021.
Source: Financial Times Companies · Summarized by HeadlinesBriefing