SEC v. Joseph Neal Sanberg

Joseph Neal Sanberg allegedly engaged in a scheme to create the appearance of tens of millions of dollars in revenues from customers for reforestation services. According to the SEC’s complaint, Sanberg recruited friends and other associates into reforestation deals and presented them to Aspiration as bona fide customers, for which Aspiration recognized millions of dollars in revenue. Sanberg allegedly told these customers that they could receive Aspiration’s services for no charge, while Sanberg secretly paid for these services with funds from accounts he controlled. The complaint alleges that Sanberg used the inflated revenue figures to raise over $300 million from Aspiration investors.

Summary generated from official Securities and Exchange Commission press release