May 25, 2024

The Catholic Transcript

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Owner of Vasco Soccer charged with fraud in 777 US court proceedings |  Vasco

Owner of Vasco Soccer charged with fraud in 777 US court proceedings | Vasco

777 Shareholders, Owner of Football Vasco, processed in the United States. The company has been accused of fraud for borrowing $350 million (R$1.7 billion at current prices) and providing it as collateral that it neither owned nor had. Information from “Bloomberg”.

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Lentenhall, the English company responsible for the loan, sued 777 shareholders in a US court. The trial in the case began this week. According to the report, Vasco’s owner did not respond to Bloomberg’s contact.

Josh Vander, owner of 777 Partners, pledged Leanderhall properties attached to the company as collateral. English’s complaint was that such promised assets either did not exist or had already been committed by the company in another operation – and consequently, could not be reused.

“To induce Leadenhall to finance its operation, Wander, along with his alter ego group of companies, pledged more than $350 million in assets to Leadenhall as collateral. The companies were or were already pledged to another creditor,” the complaint states.

Josh Vander, Founding Partner of 777 Partners, visits Vasco – Photo: Diego Ribeiro/AGIF

777’s relationship with Advantage Capital Holdings LLC, an American insurance company known as A-Cap, is also under investigation, the report said. A-Cap and CEO and President Kenneth King are named as defendants in the suit.

Apart from Vasco Club, which holds 70% of the football rights, the company also owns percentages in Genoa-ITA, Everton-ING, Hertha Berlin-ALE, Red Star-FRA and Standard Liège-BEL.