Josh Wander of 777 Partners, who ultimately failed in their attempt to buy Everton last year, was indicted on Thursday for an alleged $500M fraud scheme.
The indictment says Wander and his firm used deception to lure private lenders and investors, pledging assets that 777 Partners did not actually own, falsifying bank statements, and making other material misrepresentations about the firm’s financial health. The charges include wire fraud, securities fraud and conspiracy to commit those crimes.
The indictment also names Wander’s buddy, Steven Pasko, who is also the target of a civil filing by the US Securities and Exchange Commission. And the former CFO at 777 has already pleaded guilty and is cooperating with the government, according to the FBI. That’s massive.
“Wander used his investment firm, 777 Partners, to cheat private lenders and investors out of hundreds of millions of dollars by pledging assets that his firm did not own, falsifying bank statements and making other material misrepresentations about 777’s financial condition.” — Jay Clayton, United States Attorney for the Southern District of New York, in an FBI press release.
What happens now to Wander’s football clubs — Genoa, Hertha Berlin, Standard Liege — is anybody’s guess.
Talk about dodging a bullet. We dodged a nuke. Thank you again, Dan Friedkin.