By Staff Reporter |
It pays to know the guys making the laws from the highest offices in the land.
Senator Ruben Gallego used his voting power to protect the business interests of a longtime friend — fellow Harvard University graduate and prominent Democratic donor and activist Joe Sanberg — interests which would turn out to be fraudulent.
In August, Sanberg pleaded guilty to two counts of wire fraud perpetrated through his online financial services company, Aspiration Partners. Sanberg admitted to defrauding over $248 million.
Senator Ruben Gallego fought for the success of Sanberg’s company while in Congress.
When he was still a congressman in 2023, Gallego voted to protect against environmental, social, and governance (ESG) limitations that would have impacted Aspiration Partners. The financial services company was uniquely focused on progressive environmental and social causes, including investing in fossil fuel alternatives and selling carbon credits.
Months before that vote, Sanberg gave Gallego a positive endorsement in The Hill. FEC records show Sanberg donated just over $13,000 to Gallego’s campaign from 2014 to 2017.
“The thing about Ruben is he knows exactly who he is,” said Sanberg. “This campaign isn’t about any individual personality.”
In 2015, the two men also launched a political action committee to help elect progressive Latino candidates — LLEGO-PAC, short for Latino Leaders for Equality, Growth, Opportunity, Progressive Action and Change.
Gallego praised Sanberg as “a thought leader” and “progressive leader from day one,” and credited the financial services CEO for being the one who “recruited” him into the Democratic Party. The senator was even a part of Sanberg’s wedding in 2021, per social media posts reported on by Fox News.
“He convinced me to get more involved in politics, and has been a good guiding post for me since then,” said Gallego.
Just a few years ago, Sanberg was shopping himself around to the media as a potential Democratic candidate for president. The Atlantic published one such feature of Sanberg in 2019.
In 2021, Aspiration disclosed in its annual Securities and Exchange Commission filing that 70 percent of its revenue came from ESG services.
Senator Gallego began banking with Aspiration in 2017 and then acquired a non-public stock in the company in 2019.
However, Gallego failed to report that purchase for three years, per Fox News reporting.
Aspiration came on the progressive venture capital scene in 2013 as an “environmental” bank with a “conscience,” the brainchild of co-founders Sanberg and Andrei Cherny, the latter Arizona’s former Democratic Party chairman, congressional candidate, and a Clinton administration speechwriter.
Cherny left Aspiration in mid-October 2022, two years after Sanberg later admitted to prosecutors the company turned fraudulent.
In 2021, Sanberg went into talks with the Los Angeles Clippers basketball team about a four-year, $48 million endorsement deal to sponsor one of their players, Kawhi Leonard.
Many have come to view the endorsement deal as a workaround to the NBA salary cap — a view bolstered by comments from those within Aspiration — though the Clippers have denied this speculation.
Following Sanberg’s arrest and pleading, Aspiration rebranded as GreenFi.
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