Joshua Wander, co-founder and former chief executive of 777 Partners, has pleaded guilty in Manhattan federal court to wire fraud and securities fraud linked to a scheme exceeding US$500 million. The investment firm was the exclusive financial backer of Australian low-cost carrier Bonza, whose operations ended in 2024 after 777 withdrew funding, leading to the airline’s collapse.
US prosecutors alleged that Wander and 777 Partners deceived private lenders and investors by pledging assets the firm did not own or had already pledged elsewhere, misrepresenting its financial position and falsifying bank statements. The borrowing and investment activity at issue mainly took place in 2021 and 2022.
Prosecutors also alleged that funds raised for authorised purposes were diverted to other uses, including investments in professional football clubs. The case was investigated by federal authorities including the FBI and Homeland Security and concerns 777 Partners’ dealings with lenders and investors, rather than a separate criminal allegation against Bonza.
Wander has agreed to forfeit at least US$500 million in proceeds. Each offence carries a maximum sentence of 20 years, and sentencing is scheduled for 1 March 2027. Bonza began passenger operations in January 2023 and entered voluntary administration in April 2024. Its former chief executive, Tim Jordan, has not been accused of wrongdoing in the US case.