Former SPAC CFO pleads guilty to embezzlement scheme

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The former chief financial officer of African Gold Acquisition Corp. pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.

Cooper Morgenthau agreed to forfeit approximately $5.1 million and pay restitution of approximately $5.1 million as part of his plea announced Tuesday by the U.S. Attorney’s Office for the Southern District of New York. He is set to be sentenced in April and faces up to 20 years in prison.

Morgenthau was also charged with fraud by the Securities and Exchange Commission (SEC).

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