• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
crypto

Former CFO Pleads Guilty: Funds Used To Trade Crypto & Meme Stocks

Samuel Edyme by Samuel Edyme
3 months ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement
Advertisement

With the prolonged bear market in crypto ongoing, one will think most people should be losing money. While that is true, another thing also true is the increase in crimes in the bear market. On today’s news, the ex-chief financial officer has pleaded guilty in court for embezzling more than $5 million from multiple special purpose acquisition companies (SPACs) to trade meme stocks and cryptocurrencies.

Going by the name Cooper Morgenthau, the former chief financial officer on Tuesday pleaded guilty to wire fraud charges in the U.S. District Judge Paul Engelmayer in Manhattan federal court

Former Finance Exec Allegedly Committed Crimes 

According to Authorities, Morgenthau had embezzled over $1.2 million between June 2021 and August 2022 from African Gold Acquisition Corp, a blank check company, and underhanded the crime by forging its account statements, and spent or lost all of it in crypto and meme stock trading.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Subsequent to that, the SEC said Morgenthau raised a total of $4.7 million from investors in SPACs, aliased as Strategic Metals Acquisition Corp, to cover his losses but lost most of the funds in trading crypto. At his scheduled April 25 sentencing, Morgenthau is said to face a likely jail sentence of about 6 to 7-1/4 years under recommended federal guidelines.

Related Reading: Former CFO Pleads Guilty: Funds Used To Trade Crypto & Meme Stocks

Ex-CFO Settled For An Agreement 

Morgenthau settled for an agreement to forfeit $5.11 million and pay an equal amount in restitution, as well as settle related civil charges by the U.S. Securities and Exchange Commission. His Background in the African Gold company seems as though the illegal embezzlement of funds has been a recurring activity from Morgenthau.

African Gold, which was established to buy a gold mining business and based in New York, had raised $414 million in a Feb. 2021 initial public offering. The SEC said the company eventually laid off Morgenthau last year in August after discovering his run away with funds and vendors declining to work for the company. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

According to African Gold, it terminated Morgenthau at the time after knowing about his “improper withdrawals” endeavor to conceal them. U.S. Attorney Damian Williams in Manhattan noted in a statement that given the pleading guilty, Morgenthau “acknowledged encroaching the trust that he owed to his public and private investors.” 

Related Reading: Bitcoin Coinbase Inflows Spike, Is This Bearish For BTC?

Meanwhile, the crypto market still seems to be in a confused state with a small rally happening in Bitcoin and other altcoins. So far, Bitcoin has increased by 1.12% in the last 24 hours, gaining over $100 in price.

Source [BTC/USDT] on TradingView.com
As shown in the chart above, chances are we could see a retrace soon to take out the liquidity in the vector candle. As for other Altcoins, they all also seem to be following the same path as Bitcoin. At the time of writing, Ethereum is up 3% with a trading price of $1251.

Tags: bitcoincourtcrimeNewsvirtual currency
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Edyme

Samuel Edyme

Related Posts

Bitcoin

Is Bitcoin’s Security at Risk? Experts Weigh In

25 mins ago
Best Betting Sites Not on Gamstop in 2023 Betbeard

Best Betting Sites Not on Gamstop in 2023 Betbeard

4 hours ago
Bitcoin Bull

Bitcoin Net Taker Volume Nears In On Bullish Crossover

8 hours ago
XRP

John E. Deaton Claims XRP Is The Top Altcoin With A Comeback Story

10 hours ago
Ethereum Layer 2

Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2?

12 hours ago
Bitcoin price

Bitcoin Price Reclaims $28,000 Territory Amid Mounting Market Pressures

12 hours ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • The Future Of The Crypto Industry And One Of Its...

    9 hours ago
  • Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand...

    12 hours ago
  • Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp...

    13 hours ago
  • Three Unique Top Presales To Buy in 2023: RobotEra...

    13 hours ago
  • Meta Masters Guild On Track to Become Web3’s Largest...

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.