The co-founder of the company behind failed budget airline Bonza has been charged by US authorities over a US$500 million alleged fraud scheme.

Bonza launched on the Sunshine Coast in early 2023, offering cheap flights between regional destinations.

The airline was entirely bankrolled by US private equity firm 777 Partners, which provided Bonza with aircraft and monthly funding to operate.

777 made its money through complex insurance and reinsurance schemes.

They co-owned a Canadian budget airline and purchased several high-profile overseas soccer clubs.

But the private equity firm hit turbulence early last year when it started facing several lawsuits.

A few months later, in April 2024, Bonza became collateral damage and collapsed into administration after 777's creditors seized Bo

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