Joseph Neal Sanberg

The Securities and Exchange Commission charged Joseph Neal Sanberg, co-founder of Aspiration Partners, with a fake revenue scheme to raise over $300 million from investors. The SEC alleges that Sanberg created the appearance of tens of millions in revenues by recruiting friends into reforestation deals, which he then used to fund his own services. This case highlights the importance of accurate financial reporting and compliance in the securities industry. The SEC seeks permanent injunctions, disgorgement, civil penalties, and an officer-and-director bar for Sanberg. A parallel action was announced by the U.S. Attorney's Office and Department of Justice.