Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

April 27.2023

By Tom Mitchelhill

Cooper Morgenthau embezzled $5 million from three different companies and lost almost all of it trading cryptocurrencies and “meme stocks.“

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

An April 27 press release from the United States Department of Justice said Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corporation (AGAC), embezzled more than $5 million from three different SPACs: AGAC, Strategic Metals Acquisition Corporation I (SMAC I) and Strategic Metals Acquisition Corporation II between June 2021 and August 2022.

According to a related civil complaint from the U.S. Securities and Exchange Commission (SEC), Morgenthau wired approximately $1.2 million in funds from African Gold to his personal accounts, using the money to trade equities and options of cryptocurrencies and so-called meme stocks.

In doing so, he lost almost all of the funds.

To read the entire article...Click Here!