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With the cryptocurrency bear market lingering, most people would think they are losing money. That’s true, but so is the rise in crime in bear markets. In today’s news, the former chief financial officer pleaded guilty in court to embezzling more than $5 million of his money from multiple special purpose acquisition companies (SPACs) for transactions. memetic strain and cryptocurrencies.
On Tuesday, former Chief Financial Officer Cooper Morgenthau, who goes by the name, pleaded guilty to wire fraud charges in U.S. District Court Judge Paul Engelmeyer in Manhattan Federal Court.
Former financial executive accused of committing crimes
Authorities said Morgenthau embezzled more than $1.2 million from African Gold Acquisition Corp, a blank check company, between June 2021 and August 2022, and forged account statements to commit crimes. , spent or lost all of it on cryptocurrencies and meme stocks. transaction.
then the SEC Said Morgenthau raised a total of $4.7 million from investors in SPAC, also known as Strategic Metals Acquisition Corp, to cover his losses, but lost most of his money trading cryptocurrencies. At his April 25 sentencing, which is scheduled, Morgenthau is said to likely face about six to his seven-and-a-half years in prison under recommended federal guidelines. .
Former CFO reaches agreement
Morgenthau settled by forfeiting $5.11 million, paying an equal amount in damages, and resolving related civil actions brought by the U.S. Securities and Exchange Commission. His career with African gold companies makes it seem as though illegal embezzlement of funds is a recurring activity by Morgenthau.
Africa MoneyThe New York-based company, which was set up to acquire gold mining operations, has raised $414 million in its February 2021 initial public offering. The SEC said the company ultimately fired Morgenthau last August after it discovered he fled with funds and the vendor refused to work for the company.
According to African Gold, they fired Morgenthau after learning he was trying to cover up an “improper withdrawal”. Manhattan U.S. Attorney Damian Williams said in a statement that Morgenthau pleaded guilty and that he “admitted to violating the trust owed to public and private investors.”
on the other hand, crypto market Bitcoin and other altcoins still seem to be in a state of turmoil as a small rally is happening. I’m here.
As shown in the chart above, we could soon see a retrace to remove liquidity from the vector candle. There seems to be At the time of writing, ethereum is up 3% and trades at $1251.
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