Prosecutors say that the co -founder of the members of the Board of Directors have made investors at $ 145 million
A little more than four years ago, an ambitious start -up to the climate operation was about to a general list worth $ 2 billion. Now, a member of the startup board of directors acknowledged that he was guilty of fraud in a wire, and one of the participating founders was arrested for conspiring to defraud investors, according to a federal criminal complaint filed by the US Prosecutor’s Office in the Central Region in California.
Fintech has started Federal audit For years for doubtful financial accounting and carbon accounting. But the new complaint lights light on a series of loans obtained using alleged fraudulent tactics.
Joseph Sanburg, co -founder of students, was arrested on Monday for conspiring to defraud two different corsets of $ 145 million. Also on the same day, Ibrahim Al -Husseini, a former board member of the company, acknowledged that he was guilty of fraud cord to forge documents to help Sanburg secure loans, according to federal public prosecutors.
If convicted, Sanburg faces up to 20 years in prison. Alhusseni faces the same maximum punishment, although he cooperates with the prosecutor, According to To the US Public Prosecutor’s Office in the California Central Region.
The startup has attracted a long list of famous investors over the years, including actors Orlando Bloom, Leonardo DiCaprio, Robert Downey Junior, musician Drake, and basketball coach Duk Reifers. The company was hoping to put it publicly via SPAC in 2021, however The deal fell In 2023.
Sanberg and Alhusseini are accused of defrauding different investors. In 2020, Sanburg was negotiating a $ 55 million loan terms with an unveiled investor fund. 10.3 million shares of his ambition shares pledged as guarantee; The investor fund requested that a third party agree to purchase shares in a secondary sale if he wants the fund.
Alhusseni was the alleged third party, according to the prosecutors. It was claimed that Sanburg convinced him in January 2020 to enter an option to put on stocks, which requires Alhusseni to buy if he wanted the box whose name was not revealed to sell.
Federal prosecutors say Alhusseini did not have $ 55 million to pay the box if he practiced the option. It is claimed that Sanburg and Alhusseini worked with a graphic designer in Lebanon to ridicule a fake mediation account and banking data to inflate the assets of Alhusseini at $ 80 million to 200 million dollars.
With the PUT option in its place, the Sanberg box loaned $ 55 million. Alhusseini received $ 6 million of loan as installment to ensure payment if ambition is exposed.
In November 2021, Sanburg was claimed that the loan was funded with an unveiled second investor fund. This time, the loan was $ 145 million.
Again, alhusseini claims that the option to put, this time for $ 65 million in the event that 10.3 million shares have become value. Like the previous loan, it was claimed that Sanburg and Alhusseini showed fake documents from the second box that exaggerated the assets of Alhusseini. This time, Alhusseini received $ 6.3 million as a distinguished payment.
In total, Alhusseini received $ 12.3 million from the plan, according to his agreement to acknowledge guilt.
A year later, Sanburg left a loan of $ 145 million. Then in the spring of 2023, he succeeded again. The box that provided the loan practices an option to put it with Alhusseini, who did not buy the shares. The fund lost at least $ 145 million, according to the US Public Prosecutor’s Office.
