The $500 Million Fraud Case Exposing Football’s Shaky Finances

Joshua Wander already owned a fleet of Boeing 737s and stakes in famous European football teams. But there were bigger deals on the horizon — if the Miami-based investor could show he had enough money.

The trouble was that his investment firm, 777 Partners, had less than $500,000 in cash and was close to bankruptcy, according to details from court filings released by federal prosecutors in New York. So, Wander sent his creditor a screenshot of a bank account, doctored using Microsoft Paint, to show he had $8 million instead, prosecutors allege.

Last week, Wander was charged with conspiracy and fraud ...