Josh Wander, co-founder of 777 Partners, the Miami-based investment firm that attempted to buy Premier League club Everton, has been charged with defrauding lenders and investors of more than $500 million (£372 million), according to Manhattan federal prosecutors.

The 44-year-old financier allegedly lied about 777’s financial position, using fake documents and falsified bank statements to create an illusion of wealth and stability. The indictment claims Wander and his firm pledged assets they did not own in order to secure funding and investments.

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Federal Prosecutors Detail ‘House of Cards’ Financial Scheme

US Attorney Jay Clayton described Wander’s conduct as an elaborate fraud that “cheated private lenders and investors out of hundreds of millions of dollars.”

Clayton continued:

“Wander used his investment firm, 777 Partners, to pledge assets that did not exist, falsify records, and mislead financial institutions about the company’s financial health.”

Special agent Ricky J. Patel added that 777’s portrayed stability was “an illusion — a years-long house of cards” built to sustain unsustainable investments.

According to prosecutors, beginning in 2018, Wander directed 777 to expand into high-risk industries, including streaming platforms, airlines, and professional sports, even though the firm lacked sufficient capital and had already pledged its available assets to other lenders.

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Failed Everton Takeover and Broader Sports Investments

777 Partners made headlines for its attempted takeover of Everton Football Club, a deal that collapsed in June 2024 after months of uncertainty surrounding the firm’s finances. The Friedkin Group, owned by Texas billionaire Dan Friedkin, later completed the purchase of Everton from Farhad Moshiri in December 2024.

Before the Everton saga, 777 Partners had also invested in European football, holding stakes in Sevilla FC, Genoa CFC, and several other clubs across Europe and South America.

Prosecutors allege Wander used these sports investments to project financial legitimacy while concealing internal instability and debt.

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Criminal Charges and Possible Penalties

Wander faces multiple felony counts, including:

• Conspiracy to commit wire fraud
• Wire fraud
• Securities fraud
• Conspiracy to commit securities fraud

Each of the main fraud charges carries a maximum penalty of 20 years in federal prison, while the conspiracy to commit securities fraud count carries up to five years.

Wander has denied all charges, with his attorney Jordan Estes telling Bloomberg:

“This is a business dispute dressed up as a criminal case. We look forward to setting the record straight.”

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Implications for Football and Financial Oversight

The case has reignited debate around ownership vetting in football, especially within the Premier League, where financial transparency and due diligence have been under increased scrutiny.

With 777 Partners’ failed Everton bid and the ongoing criminal case, analysts suggest that regulators may push for stricter financial checks on potential club owners to safeguard clubs and fans from future instability.