According to the SEC, Cooper Morgenthau, used his position as African Gold’s CFO to conceal unauthorized withdrawals by doctoring African Gold’s bank account statements. He then provided those fabricated statements to African Gold’s auditor and accountants assuring them that all material transactions have been properly recorded. The falsified statements were
SEC charges former SPAC CFO for orchestrating $5m fraud scheme
The SEC alleges that, from June 2021 through July 2022, Morgenthau embezzled money from African Gold and stole funds from another SPAC to pay for his personal expenses and to trade in crypto assets and other securities.