LOS ANGELES -- Aspiration co-founder Joseph Sanberg, whose former company is embroiled in an NBA scandal involving the LA Clippers , formally pled guilty to two counts of wire fraud in federal court in downtown Los Angeles on Monday.

Each count carries a maximum of 20 years in prison. Sentencing is scheduled for Feb. 23, 2026 at 11 a.m. PST at the United States District Court for the Central District of California in Los Angeles.

Monday's hearing was a formality, as Sanberg had previously agreed to plead guilty to his role in a scheme that defrauded investors out of $248 million. During Monday's hearing on the 10th floor of the courthouse, Sanberg's attorney Marc Mukasey said that Sanberg committed the crimes he was charged with because "he loved (Aspiration) and wanted it to do well."

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