777 Partners’ Joshua Wander Faces $500M Fraud Charges
Joshua Wander, co-founder of Miami-based investment firm 777 Partners, has been charged with wire and securities fraud in connection with an alleged $500 million scheme to deceive lenders and investors. Federal prosecutors claim Wander and associates falsified financial statements, double-pledged assets, and diverted restricted funds to finance high-risk ventures involving sports teams and airlines.
The 44-year-old executive surrendered to federal agents and appeared before the U.S. District Court for the Southern District of New York on October 16. Each charge carries potential prison sentences of up to 20 years. Former 777 Partners CFO Damien Alfalla has already pleaded guilty and is cooperating with authorities.
Prosecutors allege that Wander used falsified bank documents and misrepresented the company’s assets to secure loans. The scheme allegedly began in 2018 and continued until the company was declared bankrupt by a London court in 2024, leaving hundreds of millions owed to lenders.
777 Partners was a key backer of Australia’s low-cost carrier Bonza, which collapsed in 2024 after only 14 months of operations. The firm also held stakes in Flair Airlines, Sevilla FC, and Genoa CFC.
In a related civil case, the U.S. Securities and Exchange Commission charged Wander, co-founder Steven Pasko, and Alfalla with misleading investors and diverting funds for personal use. The SEC seeks lifetime bans, civil penalties, and repayment of ill-gotten gains. Wander, Pasko, and Alfalla have since resigned, and 777 Partners is now under restructuring management.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com