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Porsche CEO: The United States will continue to be Porsches most important market in the future.On June 23, Google (GOOG.O) shares fell on Monday after another prominent AI leader left to join a competitor. John Jumper, Vice President of Google DeepMind, announced over the weekend that he would be leaving to join Anthropic. Following the announcement, Alphabets stock price fell as much as 7.2%, its biggest intraday drop since February. Just last week, Noam Shazeer, one of Googles most prominent researchers, announced his departure to join OpenAI. The decline in Alphabets stock price coincided with weakness in large-cap tech stocks as a whole. Jumper is a key member of Googles AI programming development team and is considered a recipient of the 2024 Nobel Prize in Chemistry for his research in artificial intelligence.June 23 - According to data released by the U.S. Department of Energy, crude oil inventories in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels, the lowest level since June 1983. Government emergency petroleum reserves decreased by 9.05 million barrels, marking the third-largest weekly decline on record. This inventory drop is part of a previously pledged plan to release 172 million barrels of crude oil from the Strategic Petroleum Reserve.The U.S. State Department said it was deeply concerned about reports of the Rapid Support Force (RSF) and its allies massing forces near Ubaid, Sudan.Market news: U.S. strategic petroleum reserve crude oil inventories fell by about 9.1 million barrels last week to 331.2 million barrels, the lowest level since 1983.

Ex-CFO pleads guilty to stealing from SPACs to trade meme stocks, cryptocurrencies

Skylar Shaw

Jan 04, 2023 14:13

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An ex-chief financial officer (CFO) of several special purpose acquisition companies (SPACs) pled guilty to stealing more than $5 million from them and losing almost all of it in joke stocks and cryptocurrencies.


Tuesday in federal court in Manhattan, Cooper Morgenthau, 35, of Fernandina Beach, Florida, entered a plea of guilty to one count of wire fraud. The judge was U.S. District Judge Paul Engelmayer.


When Morgenthau is sentenced on April 25, the suggested federal guidelines call for a jail term of between six and seven and a half years.


The U.S. Securities and Exchange Commission also resolved related civil allegations against him in exchange for his agreement to lose $5.11 million and pay an equivalent amount in restitution.


A representative for Morgenthau, Michael Bowen, refused to comment.


According to the authorities, Morgenthau stole more than $1.2 million from African Gold Acquisition Corp between June 2021 and August 2022, covered it up by fabricating account statements, and either spent it all in securities trading or lost it all.


The SEC said that Morgenthau then solicited $4.7 million from investors in SPACs known as Strategic Metals Acquisition Corp to make up for his losses, only to lose the majority of it in cryptocurrency trading.


African Gold, a New York-based company formed to purchase a gold mining company, raised $414 million in an IPO in February 2021.


According to the SEC, it dismissed Morgenthau in August of last year when he ran out of money and its suppliers refused to do business with him.


At the time, African Gold said that it fired Morgenthau after becoming aware of his "improper withdrawals" and efforts to hide them.


According to a statement from Manhattan U.S. Attorney Damian Williams, Morgenthau "confessed that he betrayed the trust that he owed to his public and private investors."


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