The former chief financial officer for a group of special purpose acquisition companies was sentenced to three years in prison for a scheme to embezzle more than $5 million to trade in crypto assets and meme stocks.
Cooper Morgenthau, 36, of African Gold Acquisition Corp., admitted stealing the money from the SPACs for more than a year beginning in June 2021. He was sentenced in a hearing on Thursday, Manhattan US Attorney Damian Williams said in a statement.
Morgenthau wired more than $1.2 million of African Gold’s money to his personal accounts, then lost almost all the money trading in meme stocks, according to prosecutors. He fabricated bank statements to African Gold’s accountants and auditor to cover the thefts, they alleged.
Source: Ex-CFO of African Gold SPAC Gets 3 Years in Scheme to Trade Meme Stocks, Crypto – Bloomberg