Owner of Vasco Football Club 777 is sued for fraud in US courts | Vasco

777 partners, owner of football in Vasco, is processed in the United States. The company is accused of fraud for taking $350 million (1.7 billion Brazilian reais at current prices) and providing guarantees for supposed funds that do not belong to it or do not exist at all. Information from Bloomberg.

Leandenhall, the English company responsible for providing this loan, has sued 777 Partners in the United States. The investigation into the case began this week. According to the report, Malik Vasco did not respond to Bloomberg’s call.

Josh Wander, owner of 777 Partners, gave Leanderhall $350 million in potential assets tied to the company as collateral. The English complaint is that such promised assets do not exist or the company has already committed them in another operation and so they cannot be used again.

“To induce Leadenhall to finance its operations, Wander, along with its group of variable entities, pledged more than $350 million in assets as collateral for Leadenhall, knowing all the while that the assets did not exist, and were not de facto owned by Wander’s,” it says. Complaint: “Entities are or have already been pledged to another creditor.”

The report says 777’s relationship with Advantage Capital Holdings LLC, a US insurance company known as A-Cap, is also under investigation. A-Cap and Kenneth King, CEO and president, are named as defendants in the lawsuit.

In addition to Vasco, the club in which it owns 70% of the football rights, the company also owns a share of Genoa-ITA, Everton-ING, Hertha Berlin-ALE, Red Star-FRA and Standard Liège-BEL.

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