$248M GREEN FRAUD: The Tree-Planting Scam Nobody Saw
647withchuckfrank di Chuck Frank
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Plus: Dr. Oz says up to 35% of Obamacare enrollments may not be legitimate, the Supreme Court clears Alabama's congressional map for the midterms, Spielberg and Scorsese go all-in on AI, Scott Pelley is out at 60 Minutes, and a watchman's warning on the Congo Ebola outbreak. All in today's episode.
He sold the world an eco-friendly bank. Tree-planting. Carbon footprints. The kind of feel-good finance that opens wallets and quiets questions. Then a federal judge in Los Angeles handed Joseph Sanberg, co-founder of the green fintech Aspiration, 14 years in federal prison and called the scheme among the worst he had ever seen from the bench. The US Attorney's Office puts the losses to investors and lenders at more than $248 million. And the mechanism behind the con runs straight through those very tree-planting promises. Chuck connects the dots ...