Joshua Wander, founder and former chief executive of Miami-based investment firm 777 Partners, has pleaded guilty in Manhattan federal court to wire-fraud and securities-fraud charges linked to a scheme exceeding US$500 million. 777 Partners was the sole financial backer of Australian low-cost carrier Bonza, whose Boeing 737 operations ended after the airline entered voluntary administration in 2024 and its aircraft were repossessed.
Wander admitted double-pledging assets, pledging fictitious assets, misrepresenting 777 Partners’ financial condition and directing employees to falsify bank statements showing cash that did not exist. Prosecutors alleged that the scheme targeted the firm’s lenders and investors, with some funds diverted to unauthorised purposes, including financing 777 Partners’ portfolio of professional football clubs.
He agreed to forfeit at least US$500 million. Each charge carries a maximum sentence of 20 years in prison, and sentencing is scheduled for 1 March 2027 before U.S. District Judge J. Paul Oetken.
The investment firm also backed Canadian carrier Flair Airlines and was involved in agreements concerning Boeing 737 MAX aircraft. The U.S. case does not establish that Bonza participated in the alleged fraud. Bonza chief executive Tim Jordan has not been accused of wrongdoing, while Australia’s corporate regulator decided in 2025 not to prosecute the airline’s directors after its collapse.