The Globe and Mail reports in its Saturday edition that the Miami investor who backed the rapid expansion of Flair Airlines in 2021 has pleaded guilty to fraud in a scheme that prosecutors said bilked investors and lenders out of hundreds of millions of dollars. The Globe's Eric Atkins writes that Joshua Wander, the former chief executive officer of 777 Partners, agreed to forfeit $500-million (U.S.) as part of his plea to federal charges of wire fraud and securities fraud. Each charge carries a maximum sentence of 20 years in jail. Mr. Wander is scheduled to be sentenced on March 1. Prosecutors said Mr. Wander, 45, defrauded investors and lenders by double-pledging assets, creating fake assets, lying about the financial state of 777 Partners' financial state and falsifying bank statements. His investments included Edmonton's Flair Airlines and two European football teams, Sevilla FC and Genoa CFC. Mr. Wander's company bought a 25-per-cent stake in privately held Flair in 2019, and would go on to lease 13 new Boeing 737 Max planes to the carrier. The company cut its stake in Flair to less than 10 per cent in 2024; Flair Airlines said the carrier has had no business relationship with 777 Partners for more than a year.