Aspiration co-founder pleads guilty to wire fraud

"LOS ANGELES -- Aspiration co-founder Joseph Sanberg, whose former company is embroiled in an NBA scandal involving the LA Clippers, formally pled guilty to two counts of wire fraud in federal court in downtown Los Angeles on Monday. Each count carries a maximum of 20 years in prison. Sentencing is scheduled for Feb. 23, 2026 at 11 a.m. PST at the United States District Court for the Central District of California in Los Angeles."

"Monday's hearing was a formality, as Sanberg had previously agreed to plead guilty to his role in a scheme that defrauded investors out of $248 million. During Monday's hearing on the 10th floor of the courthouse, Sanberg's attorney Marc Mukasey said that Sanberg committed the crimes he was charged with because "he loved (Aspiration) and wanted it to do well." Mukasey later added, "Mr. Sanberg was working to bring about a prosperous and successful company...We agree that he stepped over the line.""

"The Clippers and Aspiration, a green banking company that declared bankruptcy this year, announced in September 2021 to a $300-million, 23-year sponsorship deal with the team, which included signage in Clippers' new Inglewood, California arena and a jersey patch component. Four months later, Aspiration signed a separate $28-million sponsorship deal with Clippers star Kawhi Leonard. The NBA is investigating whether the Clippers and owner Steve Ballmer violated league rules by circumventing the salary cap to compensate Leonard. In September 2021, the same month that the Clippers announced their deal with Aspiration, Ballmer invested $50 million in the California-based company, according to podcaster and journalist Pablo Torre."

Joseph Sanberg pled guilty to two counts of wire fraud in federal court in Los Angeles for his role in a scheme that defrauded investors of $248 million. Each count carries a maximum sentence of 20 years, and sentencing is scheduled for Feb. 23, 2026 at the United States District Court for the Central District of California. Sanberg had previously agreed to plead guilty, making Monday's hearing largely procedural. His attorney Marc Mukasey said Sanberg acted out of devotion to Aspiration and a desire for the company's success, acknowledging that Sanberg "stepped over the line." Aspiration declared bankruptcy earlier this year after major sponsorship deals with the Clippers and Kawhi Leonard, and an NBA investigation is examining possible salary-cap circumvention tied to Steve Ballmer's investment.

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