Ex-CEO Pleads Guilty to Major Fraud Scheme

Joshua Wander, the founder and former CEO of 777 Partners, a Miami-based investment firm, has pled guilty to wire fraud and securities fraud in a scheme that defrauded the company's lenders and investors of more than $500 million. The U. S.

Attorney's Office for the Southern District of New York announced the plea, which took place before U. S. District Judge J.

Paul Oetken.

Wander, 45, admitted to orchestrating a multi-year fraud scheme that involved misrepresenting the financial condition of 777 Partners to raise over $200 million in outside investments in 2021 and 2022. According to the U.S. Attorney's Office, Wander used restricted funds from the firm's lenders to cover unauthorized acquisitions and expenses, including investments in airlines and professional sports teams.

The scheme involved pledging hundreds of millions of dollars in structured settlement assets that 777 Partners never purchased or had already pledged to other lenders. Wander also directed employees to digitally alter bank account statements to falsely reflect millions of dollars in cash that the firm did not possess.

In March 2022, Wander solicited a $20 million loan from a lender, providing doctored bank account statements to conceal his misappropriation of funds. By March 2023, the scheme began to unravel when a lender confronted Wander about allegations of double-pledged assets. Wander falsely claimed that the issue was due to an antiquated computer system at 777 Partners.

Wander resigned as CEO in 2024. As part of his plea agreement, he has agreed to forfeit at least $500 million in proceeds from his illegal activities. Each count of wire fraud and securities fraud carries a maximum sentence of 20 years in prison, though the final sentence will be determined by the judge.

U.S. Attorney Jamie McDonald emphasized the commitment to protecting investors and lenders, stating, "As he has now admitted, Josh Wander used his company, 777 Partners, to steal hundreds of millions of dollars from private creditors and investors."

The case is being prosecuted by the Securities and Commodities Fraud Task Force, with assistance from the Federal Bureau of Investigation, Homeland Security Investigations, and the U.S. Securities and Exchange Commission. Wander is scheduled to be sentenced on March 1, 2027.