The United States Department of Justice notified that the former chief financial officer of a special purpose acquisition company was sentenced to three years in prison after embezzling $5 million.According to the official, US District Judge Paul A.
The authorities said his actions led to “material misstatements” in AGAC’s public filings with the Securities and Exchange Commission . The 36-year-old Florida resident raised another $4.7 million from private investors in a SPAC separate from African Gold. He fraudulently claimed that the money would be used to launch yet another SPAC. The new capital injunction was then used to cover his losses at African Gold as well as to continue his crypto and meme-stocks trading.“With today’s sentencing of Cooper Morgenthau, SPAC promoters have been sent a message that fraud in the SPAC markets will be punished, and greed on Wall Street will be met with serious consequences.
The former exec previously pled guilty to one count of wire fraud. In addition to his prison term, Morgenthau was also ordered to forfeit over $5.1 million and to pay restitution of the same amount.
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