NEW YORK : A former chief financial officer of multiple special purpose acquisition companies has pleaded guilty to embezzling more than $5 million from them, and losing almost all of it trading meme stocks and cryptocurrencies.
Morgenthau faces a possible prison sentence of about six to 7-1/4 years, under recommended federal guidelines, at his scheduled April 25 sentencing. To cover his losses, Morgenthau then raised $4.7 million from investors in SPACs known as Strategic Metals Acquisition Corp, only to lose most of it through crypto trading, the SEC said.
It fired Morgenthau last August after he ran out of money and vendors refused to work for the company, the SEC said.
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