News Formal

Ex-CFO pleads guilty to stealing from SPACs to trade meme stocks, cryptocurrencies

  • 📰 Reuters
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

A former chief financial officer of multiple special purpose acquisition companies (SPACs) has pleaded guilty to embezzling more than $5 million from them, and losing almost all of it trading meme stocks and cryptocurrencies.

Cooper Morgenthau, 35, of Fernandina Beach, Florida, pleaded guilty to one count of wire fraud on Tuesday before U.S. District Judge Paul Engelmayer in Manhattan federal court.

He also agreed to forfeit $5.11 million and pay an equal amount in restitution, and settled related civil charges by the U.S. Securities and Exchange Commission.Authorities said that between June 2021 and August 2022, Morgenthau stole more than $1.2 million from African Gold Acquisition Corp 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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

..things not looking good for Chamath

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 2. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

SEC Charges Former SPAC Finance Chief With FraudThe SEC 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 Dapper Dan at 4AM, shit, I am the culture
Källa: WSJ - 🏆 98. / 63 Läs mer »

San Antonio teen follows her dreams, opens barbacoa businessSarah Hernandez,19, is the CEO of her restaurant Sarah’s Barbacoa. Hernandez’s sister Rebecca, who is 23 years old, is the CFO.
Källa: ksatnews - 🏆 442. / 53 Läs mer »