A special purpose acquisition company (SPAC) will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer (CFO) to drain approximately $1.2 million from its bank account.
The Securities and Exchange Commission (SEC) said Wednesday that African Gold Acquisition Corp. gave former CFO Cooper Morgenthau unfettered access to its operating account “with little to no oversight,” according to a press release.
