(Reuters) -The co-founder of a fintech firm formerly known as Aspiration Partners Inc, and which was backed by actors Robert Downey Jr. and Leonardo DiCaprio, has pleaded guilty to defrauding investors and lenders in a $248 million scheme, the U.S. Justice Department said on Thursday.

Joseph Sanberg, who was also a board member of Aspiration Partners, has agreed to plead guilty to two counts of wire fraud and faces a maximum penalty of 20 years in prison per count, the Justice Department said in a statement.