AeroMorning November 3, 2025

Miami, Florida — October 2025. The U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have announced criminal charges against Joshua Wander and Steven Alfalla, co-founders of 777 Partners, a Miami-based private investment firm.

According to the FBI’s statement unsealed on October 16, both men are accused of orchestrating a scheme that defrauded investors of over $500 million. Federal prosecutors allege that investor and lender funds were misused to cover losses and finance unrelated ventures, including the acquisition and leasing of commercial aircraft.

The indictment filed in the Southern District of New York describes falsified financial statements, concealed liabilities, and circular fund transfers designed to mislead financial partners.

In a parallel action, the U.S. Securities and Exchange Commission (SEC) filed a civil complaint charging Wander and Alfalla with securities fraud. The SEC claims the executives misrepresented the company’s financial position to attract new capital and diverted substantial sums through a network of controlled entities under the 777 Partners umbrella.

“The defendants are charged with orchestrating a deceptive scheme that placed more than half a billion dollars of investor assets at risk,” the FBI’s New York Field Office said in its announcement. “We will continue to hold corporate executives accountable when they exploit the financial system for personal gain.”

Public filings show that 777 Partners and its affiliates had previously announced plans to purchase up to 38 Boeing 737 MAX aircraft for their airline holdings. While court documents do not explicitly confirm that these specific purchases were funded with misused money, prosecutors allege that investor capital was diverted to support such acquisitions.

Both defendants have denied wrongdoing through counsel, and the cases remain ongoing.