BREAKING: Aspiration co-founder Joseph Sanberg has officially pled guilty to two counts of wire fraud in federal court in Los Angeles. This urgent development comes as Sanberg faces a maximum of 20 years in prison for defrauding investors out of $248 million.
The plea was confirmed during a court session on Monday, October 23, 2023, where Sanberg’s attorney, Marc Mukasey, stated that his client “loved Aspiration and wanted it to do well.” However, this desire led Sanberg to cross legal boundaries, resulting in his guilty plea. Sentencing is set for February 23, 2026, at 11 a.m. PST at the United States District Court for the Central District of California.
This case has significant implications, particularly as Aspiration is currently embroiled in an NBA scandal linked to the LA Clippers. The team, owned by Steve Ballmer, is under investigation for allegedly circumventing the salary cap in a sponsorship deal that benefited Clippers star Kawhi Leonard. According to reports, Ballmer invested $50 million in Aspiration the same month the sponsorship was announced in September 2021.
The NBA is scrutinizing whether the Clippers and Ballmer violated league rules through their sponsorship arrangements. Aspiration, known for its eco-friendly banking solutions, declared bankruptcy earlier this year, adding to the urgency surrounding this case.
Outside the courthouse, Sanberg declined to comment on the allegations against him or whether he would cooperate with the ongoing NBA investigation led by the law firm Wachtell Lipton, Rosen & Katz. Mukasey, Sanberg’s attorney, refrained from addressing inquiries about potential collusion with Ballmer, stating, “We’re just happy that we got through today’s proceeding and that Joe accepted responsibility for what he’s charged with.”
As this story develops, the impact on the NBA, Aspiration, and those involved continues to unfold. Readers are urged to stay tuned for updates as more information becomes available.
