Founder of online banking company backed by ex-Microsoft CEO Steve Ballmer, Leonardo DiCaprio, Robert Downey Jr and other celebrities found guilty of fraud

Joseph Sanberg, co-founder of Aspiration Partners, pleaded guilty to wire fraud, accused of defrauding investors of $248 million. Prosecutors allege he misrepresented the company’s financial stability, using falsified documents to secure loans and investments. Sanberg faces up to 40 years in prison.