-The Securities and Exchange Commission (SEC) recently charged former Chief Financial Officer (CFO) of African Gold Acquisition Corp, Cooper J. Morgenthau, for setting up a $5 million fraud scheme.
-The SEC alleges that Morgenthau hid his involvement in a fraudulent scheme to embezzle the company’s funds and invest them in cryptocurrencies in order to capitalize on the volatility of crypto markets and increase his wealth.
-Morgenthau is charged with violating several federal securities laws, including fraud, lying to accountants and auditors, and making false filings with the SEC.

The Securities and Exchange Commission (SEC) recently charged a former Chief Financial Officer (CFO) of African Gold Acquisition Corp, Cooper J. Morgenthau, with spearheading a $5 million fraud scheme. According to the SEC, Morgenthau is accused of hiding his involvement in a fraudulent scheme to embezzle the company’s funds and invest them in cryptocurrencies in order to capitalize on the volatility of crypto markets and increase his wealth.

Morgenthau allegedly used false documents to conceal the movement of funds from African Gold Acquisition Corp’s accounts. To facilitate his scheme, he is charged with violating several federal securities laws, including fraud, lying to accountants and auditors, and making false filings with the SEC. The SEC believes that he was attempting to use the embezzled funds to speculate on the cryptocurrency markets and increase his personal wealth.

The SEC has charged Morgenthau with violating several laws, including fraud, making false statements to accountants and auditors, and making false filings with the SEC. If found guilty, Morgenthau could face civil penalties including forfeiture of the proceeds from his scheme and disgorgement of his ill-gotten gains, as well as criminal charges.

The SEC’s Division of Enforcement has also taken action against African Gold Acquisition Corp, alleging that the company had failed to maintain adequate internal controls and had not disclosed the fraudulent activity. The SEC is seeking a permanent injunction, penalties, and other remedies against the company.

The SEC’s case against Morgenthau and African Gold Acquisition Corp serves as a reminder of the importance of maintaining effective internal controls and complying with all applicable federal securities laws. Companies should adhere to best practices and ensure that their financial statements are accurate and their internal controls are adequate. Failure to do so may have serious consequences and could result in civil or criminal penalties.