Private Equity Firm Behind Failed Australian Airline Bonza Accused of Multi-Million Dollar Fraud in New Lawsuit

The private equity firm 777 Partners, known for its involvement in the failed Australian low-cost airline Bonza, is now facing serious allegations of fraud in a lawsuit filed in a New York court. The lawsuit claims that co-founder Josh Wander has engaged in a “years-long pattern of fraud” and has misused assets to secure a credit facility.

According to the lawsuit, Wander allegedly double-pledged assets to secure a credit facility from Leadenhall Life Insurance Linked Investments Fund, turning it into an “illegal and unsecured personal piggy bank.” The lawsuit also alleges that Wander’s firm, 777 Partners, is closely tied to a New York-based insurance company, A-Cap, which has provided significant loans to fund its operations.

The lawsuit further accuses Wander of operating a “giant shell game” or even an outright Ponzi scheme, using debt to acquire assets and failing to pay off debts in a continuous cycle. Wander’s latest venture includes a takeover bid for English Premier League soccer club Everton FC, which the lawsuit describes as the “latest shiny object” in his fraudulent scheme.

The lawsuit, filed in the Southern District of New York, raises serious concerns about Wander’s business practices and financial dealings. As Bonza remains suspended and talks continue about the future of the airline, the allegations against 777 Partners and Wander add another layer of complexity to the situation.

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