Title: Former Chief Financial Officer of African Gold Acquisition Corp. Accused of Fraud
Date: January 4, 2020
The Securities and Exchange Commission has filed fraud allegations against Cooper J. Morgenthau. He was the former CFO at African Gold Acquisition Corp. (SPAC), a special-purpose acquisition company. Morgenthau was accused of orchestrating the theft of over $5,000,000 from African Gold, and two SPACs which he owned.
The SEC complaint alleges that Morgenthau misappropriated funds from Strategic Metals Acquisition Corp. and embezzled money from African Gold. I and II for personal expenses as well as to engage in crypto asset trading and securities. Morgenthau fabricated African Gold’s account statements to conceal his unauthorized withdrawals. He then provided the fraudulent documents to African Gold’s auditors and accountants in order to file SEC reports.
Morgenthau, during the same period of time, raised money from Strategic Metals’ investors by giving false information about the intended use of the funds for launching SPACs. In reality, Morgenthau diverted funds to personal uses, including hiding his embezzlement of African Gold.
In its complaint filed before the U.S. District Court of New York’s Southern District, the SEC alleges that Morgenthau has violated several sections of the Securities Act of 1933 and Securities Act of 1934. In a settlement agreement, Morgenthau consented for an injunction to prevent him from violating federal securities laws. He is also barred from serving as an officer or director of publicly traded companies. The monetary penalties will be decided at a future date.
The U.S. Attorney’s Office of the Southern District of New York also announced criminal charges in a parallel move against Morgenthau.
David D’Addio is the case leader, along with Anne Hancock, Ryan Murphy and Amy Gwiazda, all of whom are from the Boston Regional Office. The SEC is grateful for the assistance of the United States Attorney’s Office of Southern District of New York, and the Federal Bureau of Investigation.
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SEC: What You Need to Know
The Securities and Exchange Commission is an American regulatory agency that was created to protect investors, ensure fair and efficient markets and facilitate capital formation. It was founded in 1934 to respond to the 1929 crash in stock markets and the Great Depression that followed.
The primary role of the SEC is to enforce federal security laws and regulate securities industry. This includes securities exchanges and brokers, dealers, advisors and mutual funds. The SEC’s primary role is to enforce federal securities laws and regulate the securities industry, including brokers, dealers, investment advisors, and mutual funds.
The SEC is responsible for ensuring that companies are registered and disclose all relevant information, including financial statements, prospectuses and other pertinent documents. It also conducts investigations and takes legal actions against individuals or companies engaged in fraudulent practices or manipulation in the stock market.
The SEC also sets up rules and regulations that prevent insider trading and promote fair trading. They also maintain the integrity and transparency of the market. The SEC also has a vital role in monitoring and regulating investment advisors to ensure they are acting in the best interest of their clients.
The SEC has a mission to promote a vibrant and fair economy by protecting investors, maintaining fair and efficient markets and facilitating capital formation. The SEC strives to achieve a balance between protecting investors and facilitating capital creation to promote economic growth.
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