Steve Ballmer blasts founder he backed who pleaded guilty to fraud I was duped and feel silly | TechCrunch
News Source : TechCrunch
News Summary
- Joseph Sanberg pleaded guilty to two counts of wire fraud and defrauding multiple investors and lenders.
- Sanberg co-founded green fintech startup Aspiration Partners, which offered what it called sustainable banking services.
- The startup promised to “automatically plant trees with every card purchase” In 2021, it announced plans to go public via a SPAC merger at a value of $2.3 billion.
- The DOJ alleged that Sanberg, along with a board member who also pleaded guilty, falsified financial records to obtain $145 million in loans.
Silicon Valley tends to tolerate a certain amount of founder exaggeration when pitching investors, often dismissing it as part of selling a vision. But some choices cross the line and can lead to jai [+3969 chars]
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