The case that saw the fall of Genoa's former owner, the American holding company 777Partners, ended with the guilty plea of JoshWander, co-founder of the investment company. In Manhattan federal court, the 45-year-old admitted to committing wire fraud and securities fraud, obtaining loans in 2021 and 2022 with inflated asset values. “When I did these things I knew what I was doing was wrong and I am deeply sorry for my conduct,” he declared before Judge J. Paul Oetken, while sentencing is set for March 1. The maximum sentence for the two crimes can reach 40 years in prison; Wander, currently free on bail, has also agreed to pay 500 million dollars in compensation to investors.
The charges, formulated by the federal prosecutor's office in New York, state that Wander has "pawned the same assets several times as collateral for different loans", declared non-existent assets, provided false information on the financial situation of 777Partners and falsified bank statements. According to prosecutor JamieMcDonald, part of the funds obtained were intended to support the costs of the portfolio of football clubs controlled by the holding company. The fraud mechanism reportedly began to unravel in March 2023, when a creditor raised concerns about the double pledging of some assets.
The involvement of 777Partners is intertwined with Genoa's recent history. In 2024 the holding company was replaced in the management of the club by A‑Cap, the main creditor, before the capital increase which brought DanSucu to control with 77% of the shares. A‑Cap was also subsequently subject to investigations by the state authorities of South Carolina and Florida, who suspended the activity of some of its insurance companies due to fears related to the financial situation. For Genoa, Sucu's entry marked the exit from a corporate structure overwhelmed by the US investigations.
With Wander's ruling in sight, Genoa will have to deal with the repercussions of a period of financial instability and ownership changes. The next phase involves the implementation of the expected compensations and the verification of the club's governance practices, while the team continues to compete in SerieA with a new corporate structure under the management of DanSucu.