Joshua Wander, co-founder and chief executive of 777 Partners, the investment firm that financed failed Australian airline Bonza, has pleaded guilty in the United States over a US$500 million scheme to defraud lenders and investors.
According to US prosecutors, Wander pledged assets more than once, offered fictitious assets as collateral and misrepresented his company’s financial position. He also directed employees to alter bank statements to show cash balances that did not exist. Some funds were diverted to unauthorised purposes, including financing 777’s portfolio of football clubs.
777 Partners was Bonza’s sole financial backer. The Sunshine Coast-based low-cost airline ceased operations in 2024 after approximately a year of flying, when its Boeing 737 aircraft were repossessed amid its owner’s financial difficulties.
Former Bonza chief executive Tim Jordan is not accused of wrongdoing. Australia’s corporate regulator, ASIC, decided in 2025 not to prosecute the airline’s directors following its collapse.
Wander faces a maximum sentence of 20 years on each of two charges and has agreed to forfeit at least US$500 million. Sentencing is scheduled for March 2027.