A former CFO of two companies was handed a 3 year sentence for embezzling $5 million and then losing it all trading equities and options on crypto and 'meme stocks.'
Following the losses, he then provided falsified documents to accountants and an auditor at African Gold ahead of its public filing with the SEC that led to “material misstatements” in the company’s public financial records.
Meanwhile, Morgenthau raised another $4.7 million from private investors in a SPAC separate from African Gold based on the fraudulent claim that the money would be used to launch yet another SPAC. Unfortunately for the investors, Morgenthau actually used the freshly-raised capital to not only cover his losses at African Gold but to also continue further trading of cryptocurrencies and meme stocks.
At the time, SMAC I was in the process of raising money from private investors ahead of its initial public offering . African Gold discovered the withdrawals in August 2022, fired Morgenthau, and informed the SEC of his malpractice.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Amazon stock gives up gains as CFO admits AWS growth rates are declining furtherAmazon.com Inc. shares zoomed higher in extended trading Thursday after the company posted its biggest quarterly profit since 2021, but shares turned around...
Consulte Mais informação »
East Chicago schools CFO on paid leave over distribution of sanitizing wipesThe chief financial officer for the School City of East Chicago was placed on paid administrative leave Friday as the superintendent pursues an investigation into whether she followed procedure by allowing the distribution of sanitizing wipes donated to the schools outside of the school system.
Consulte Mais informação »
Cooper and Cape Regional reach definitive agreement to mergeDaily News | Cooper and Cape Regional reach definitive agreement to merge
Consulte Mais informação »
John Cooper celebrates five signees; football players presented SPC ringsJohn Cooper celebrates five athletic signees; football players presented SPC rings.
Consulte Mais informação »
Santa Monica OKs $122.5M settlement of sex abuse claims against ex-employeeThe settlement was approved by the Santa Monica City Council.
Consulte Mais informação »
Santa Monica approves $122.5M settlement of sex abuse claims against former city employeeAttorneys representing alleged victims of Eric Uller said he volunteered with the city's Police Activities League, claiming to be a police officer and even showing children a badge and gun to gain their trust.
Consulte Mais informação »