Everton Bidder’s Co-founder Josh Wander Charged in $500M Fraud Case
The co-founder of 777 Partners, Josh Wander, faces serious legal repercussions stemming from a fraud case exceeding $500 million. Prosecutors in Manhattan have formally charged the 44-year-old with multiple offenses involving deception of lenders and investors.
Overview of the Fraud Case
According to federal prosecutors, Wander used false financial documents to misrepresent the financial status of 777 Partners. This deceit reportedly enabled him to inflate the company’s apparent financial health.
Details of the Charges
- Wander has been charged with:
- Conspiracy to commit wire fraud
- Wire fraud
- Securities fraud
- Conspiracy to commit securities fraud
- Each wire fraud and securities fraud charge carries a maximum penalty of 20 years in prison.
- The conspiracy charge for securities fraud could lead to an additional five years.
US Attorney Jay Clayton described Wander’s actions as a scheme that defrauded private lenders and investors. He highlighted how the scheme involved pledging nonexistent assets and falsifying bank statements.
Background of 777 Partners
Wander, a Miami resident, has been associated with 777 Partners since its inception. Since 2018, he has expanded the firm’s investments into various sectors including streaming services, airlines, and professional sports teams like Sevilla FC and Genoa CFC.
However, prosecutors asserted that Wander was aware that 777 Partners either lacked the necessary funds or had already committed them elsewhere. This led to attempts to conceal the true financial state of the firm.
Impact on Everton Acquisition
The investment firm was in the running to acquire Premier League club Everton. However, their attempt to buy the club fell through in June 2024. Subsequently, the Friedkin Group acquired Everton from former owner Farhad Moshiri in December of the same year.
Defense Statement
In response to the charges, Wander’s attorney, Jordan Estes, expressed his client’s denial of all allegations. Estes called the case a mischaracterization of a business dispute as a criminal matter. The legal team is prepared to contest the charges vigorously.
