A prominent Democrat donor and vocal Elon Musk critic, Ibrahim Ameen AlHusseini, has pleaded guilty to wire fraud in connection to a $145 million investment fraud scheme, according to federal prosecutors in California.
The Department of Justice (DOJ) revealed that AlHusseini, 51, was part of a fraudulent operation orchestrated by Joseph Neal Sanberg, a co-founder of Aspiration Partners Inc., a so-called “climate-friendly banking alternative.” Sanberg, a well-connected Democrat donor, was arrested on March 3 for his role in the scheme, while AlHusseini took a plea deal in February—a deal that remained sealed until Sanberg’s arrest.
According to the DOJ, Sanberg and AlHusseini deceived investors into securing millions in loans based on false financial claims.
“Sanberg obtained $145 million in loans secured by AlHusseini, who Sanberg knew did not have sufficient financial assets to cover those loans if Sanberg defaulted. Sanberg hid this fact from investors, then defaulted on the loans, which resulted in at least $145 million in losses,” the DOJ said in a statement.
AlHusseini, who ran the investment firm FullCycle, personally profited by over $12.3 million from the fraudulent scheme. The company Aspiration Partners Inc., backed by Hollywood celebrities like Leonardo DiCaprio, Cindy Crawford, and Robert Downey Jr., marketed itself as an eco-conscious financial institution.
Acting U.S. Attorney Joseph McNally made it clear that authorities are aggressively pursuing fraudsters who manipulate financial markets.
“We have worked methodically to secure a guilty plea from one of the main offenders in this case and have now charged another member of the conspiracy,” McNally said. “We will continue to ensure that markets and businesses receive an honest and level playing field in which to operate.”
AlHusseini’s sentencing is scheduled for September 29.
AlHusseini has been a major financial backer of Democratic politicians for years. His contributions include thousands of dollars to high-profile progressive Democrats, including:
- Rep. Alexandria Ocasio-Cortez (D-NY)
- Rep. Cori Bush (D-MO)
- Rep. Ro Khanna (D-CA)
- Rep. Ilhan Omar (D-MN)
- Rep. Jamie Raskin (D-MD)
- Rep. Rashida Tlaib (D-MI)
Federal Election Commission (FEC) records indicate he has given over $300,000 to Democratic candidates and causes.
Sanberg, his alleged co-conspirator, has also contributed thousands of dollars to Democratic-aligned causes, according to OpenSecrets.
Beyond his fraudulent activities, AlHusseini is known for repeatedly attacking Elon Musk, who now serves in President Donald Trump’s administration as head of the Department of Government Efficiency (DOGE).
In December 2022, AlHusseini went on CNBC to slam Musk, claiming his behavior was damaging Tesla’s brand.
“Tesla’s a brand, right? And that brand is being tarnished on the daily because of Musk’s behavior publicly on Twitter,” he said.
“Now it is a confused brand where it is, you know, that brand is associated with a founder that attacked Fauci,” he added. “[Musk] promotes characters that are anti-semitic, and it … really has turned off a lot of the buyers.”
Ironically, while AlHusseini cashed in on his Tesla investment, he spent years trying to undermine the very man who made it successful.
