The Securities and Exchange Commission on Tuesday said it issued fraud charges against Cooper Morgenthau after he allegedly stole more than $5 million from a special-purpose acquisition company and from investors in two other SPACs that he incorporated.African Gold Acquisition, embezzled money from the company. The SEC also alleged he stole funds from another SPAC series called Strategic Metals Acquisition Corp.
African Gold Acquisition in August ousted Mr. Morgenthau as CFO following an internal investigation over improper withdrawals from its operating bank accounts and attempts to conceal the withdrawals.
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