Ex-CFO that stole $5M to trade crypto and ‘meme stocks' gets 3 years prison

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Ex-CFO that stole $5M to trade crypto and ‘meme stocks' gets 3 years prison
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A former CFO of two companies was handed a 3 year sentence for embezzling $5 million and then losing it all trading equities and options on crypto and 'meme stocks.'

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Following the losses, he then provided falsified documents to accountants and an auditor at African Gold ahead of its public filing with the SEC that led to “material misstatements” in the company’s public financial records.

Meanwhile, Morgenthau raised another $4.7 million from private investors in a SPAC separate from African Gold based on the fraudulent claim that the money would be used to launch yet another SPAC. Unfortunately for the investors, Morgenthau actually used the freshly-raised capital to not only cover his losses at African Gold but to also continue further trading of cryptocurrencies and meme stocks.

At the time, SMAC I was in the process of raising money from private investors ahead of its initial public offering . African Gold discovered the withdrawals in August 2022, fired Morgenthau, and informed the SEC of his malpractice.

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Following the losses, he then provided falsified documents to accountants and an auditor at African Gold ahead of its public filing with the SEC, which led to “material misstatements” in the company’s public financial records.

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