June 2, 2025
Investment Fraud
ChapmanAlbin has filed a FINRA arbitration claim on behalf of an investor who lost $750,000 in an Aspiration Partners (now Catona Climate) offering allegedly recommended by a broker at a brokerage firm. The case seeks recovery for misrepresentation, due diligence failures, and other violations.
Federal prosecutors announced the arrest of Aspiration Partners co-founder Joseph Sanberg on March 3, 2025. See the U.S. Attorney’s Office press release.
On August 21, 2025, prosecutors said Mr. Sanberg was charged by information and agreed to plead guilty to two counts of wire fraud tied to a scheme that caused losses of more than $248 million. See the C.D. Cal. release and the DOJ Office of Public Affairs announcement.
That same day, the SEC filed a parallel civil action. Read the SEC Litigation Release LR-26382 and the SEC complaint (PDF).
In addition to the criminal and SEC filings involving Aspiration’s co-founder, ChapmanAlbin has initiated a claim in FINRA arbitration for an investor who alleges they were steered into Aspiration by a broker without proper due diligence or risk disclosure. We are pursuing recovery for our client and evaluating other claims.
Court filings describe falsified bank and brokerage statements used to obtain loans, and revenue that was allegedly funded by Mr. Sanberg himself and then recorded by Aspiration. Investors should review what they were told about valuation, revenues, financing, and any promised liquidity events.
We continue to hear from investors who were exposed to private offerings or fund interests connected to Aspiration and Catona Climate. If a financial professional recommended or sold investments tied to these businesses and failed to disclose material risks, that can support claims for misrepresentation or omission.
“Do not sit back while the receivership plays out. If you invested in Aspiration Partners or Catona Climate, there may be civil avenues to pursue in addition to the court process. An investor rights attorney can help you assess potential claims.” – John Chapman, founding principal at ChapmanAlbin
Many investors were introduced to these opportunities by brokers or advisers. Claims can include unsuitable recommendations, failure to conduct due diligence, and misleading statements. Our team pursues these cases in FINRA arbitration and court where appropriate.
Did ChapmanAlbin file a lawsuit or an arbitration?
We filed a FINRA arbitration claim on behalf of an investor who lost $750,000 in an Aspiration offering allegedly sold by a broker at a brokerage firm. Arbitration is a common forum for disputes involving brokers and brokerage firms.
Should I wait for the criminal or SEC cases to finish first?
Not necessarily. Civil claims have filing deadlines. Many investors pursue arbitration or litigation in parallel with government actions.
What should I gather before contacting you?
Your subscription documents, offering materials, account statements, and a simple timeline of what you were told, by whom, and when.
Did DOJ say how much was lost?
Yes. DOJ materials cite losses of more than $248 million tied to the scheme to defraud investors and lenders.
What does the SEC allege?
The SEC alleges that Mr. Sanberg raised more than $300 million using a fake revenue scheme tied to environmental sustainability services. Read the SEC Litigation Release and the SEC complaint.
Is Aspiration the same as Catona Climate or CTN Holdings?
Aspiration Partners evolved into CTN Holdings, doing business as Catona Climate, which filed Chapter 11 in March 2025. See the bankruptcy docket summary.
Will criminal restitution make me whole?
Criminal restitution is separate from civil recovery. It may help, but it often does not fully compensate investors. Many pursue civil claims to maximize recovery.
What should I do if I invested in Aspiration-related offerings?
Gather offering documents and communications, write a short timeline of what you were told, and request a confidential review. Learn about private placements and FINRA timelines.
For more than thirty years, we have represented investors nationwide in actions against brokers, advisers, and firms. If you invested in Aspiration-related offerings or entities tied to Catona Climate and suffered losses, request a confidential review. We will evaluate potential claims and next steps for recovery through FINRA arbitration.
Call 1-877-410-8172 or use the form below. You pay no upfront fees for our review.
Allegations summarized here are drawn from charging documents and regulatory filings as of today’s date. Mr. Sanberg is presumed innocent unless and until proven guilty.
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