Joseph Sanberg, Aspiration Partners (Catona Climate)

What happened

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).

How the alleged scheme worked

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.

What we are hearing from investors

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.

Attorney insight

“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

Why investment professionals may be liable

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.

Red flags we see in the allegations

• Inflated or fabricated revenue that later unravels
• Assurances about liquidity or imminent public listings that never materialize
• Reliance on promoter-driven valuation materials without independent verification
• Complex financing structures that mask risk exposure

Timeline

• March 2021 to November 2022: Aspiration records revenue from customers that were allegedly funded by Mr. Sanberg.
• November 2022 and spring 2023: Defaults occur on a $145 million loan. A lender exercises a put option, per DOJ filings.
• March 3, 2025: Mr. Sanberg is arrested on a criminal complaint alleging a conspiracy to defraud two investor funds of at least $145 million. (DOJ release)
• March 30, 2025: CTN Holdings and affiliated entities doing business as Catona Climate file Chapter 11 in the District of Delaware. See Catona Climate docket summary.
• August 21, 2025: DOJ announces that Mr. Sanberg agrees to plead guilty. The SEC files its case the same day. See USAO CDCA and DOJ OPA; SEC LR-26382.

FAQs

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.

What to do now

1. Gather subscription agreements, private offering materials, updates, and all emails or texts.
2. Make a simple timeline of what you were told, by whom, and when.
3. If a broker or adviser was involved, note the firm, dates, and amounts invested.
4. Do not wait for the criminal or SEC cases to finish. Civil claims often have filing deadlines.

How ChapmanAlbin can help

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.

Free confidential case review

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.