ORANGE COUNTY, CA — An Orange County man was sentenced to 14 years in prison for a years-long scheme in which he defrauded investors and lenders, causing more than $248 million in losses, the Department of Justice announced this week.
46-year-old Joseph Neal Sanberg, of Orange, pleaded guilty in October 2025 to two counts of wire fraud.
"Joseph Sanberg preyed on investors and lenders who believed in his vision of environmentally conscious fintech," Assistant Attorney General A. Tysen Duva said. "Instead of delivering on [his company's] promises, he orchestrated a multi-year scheme involving fake clients, sham payments and deceptive loan collateral."
Sanberg co-founded and served on the board of the financial technology and sustainability services company known as Aspiration Partners Inc.
According to the Department of Justice, Sanberg created a scheme that started in 2020 and continued into 2025 to use his large portion of Aspiration stock to defraud various lenders and investors.
Between 2020 and 2021, Sanberg and Ibrahim AlHeusseini, both members of Aspiration's board of directors, fraudulently obtained $145 million in loans from two lenders by pledging shares of Sanberg's Aspiration stock, the DoJ said.
To secure the loans, Sanberg and AlHusseini falsified AlHusseini's bank and brokerage statements to fraudulently inflate AlHusseini's assets by tens of millions of dollars, prosecutors said.
Sanberg also concealed from investors that he was the source of millions of dollars of reported revenue paid to Aspiration through, or on behalf of, sham customers, prosecutors said.
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