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On April 21st, Chinas first Pre6G test network officially went into operation in Nanjing, Jiangsu Province. This test network integrates 6G innovative technologies into a 5G network, boasting features such as high bandwidth, long-distance coverage, low latency deterministic latency, and AI-inherent fusion, with capabilities up to 10 times that of 5G. Currently, the test network is undergoing systematic verification in areas such as low-altitude inspection, industrial manufacturing, embodied intelligence, and holographic communication. The launch of this test network marks a new stage for 6G technology, moving from key technology verification to system capability verification, laying an important foundation for future 6G standardization and industrial applications.Apple (AAPL.O) shares fell 0.4% in pre-market trading after the company announced that John Turner will become the next CEO, while Cook will continue to serve as executive chairman.European Central Bank Vice President Guindos: High market valuations and fiscal policy are among the risks to financial stability. The third risk relates to private lending.On April 21, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. The 82nd Annual Meeting of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) was held in Bangkok, Thailand. The Chinese delegation attended the meeting and announced Chinas willingness to host the 2027 Annual Meeting in Shanghai. Could the spokesperson provide some details? Guo Jiakun stated that ESCAP is the most important comprehensive economic and social development organization of the United Nations in the Asia-Pacific region, shouldering the important mission of promoting open, inclusive, and sustainable development in the Asia-Pacific. Vice Foreign Minister Ma Zhaoxu led the Chinese delegation to the meeting and delivered a speech in the general debate. Focusing on implementing the four global initiatives proposed by President Xi Jinping, he elaborated on Chinas position and propositions in four aspects: upholding multilateralism, promoting open cooperation, seizing digital opportunities, and promoting sustainable development, calling on all parties to further deepen Asia-Pacific cooperation and promote the building of an Asia-Pacific community. "Next year marks the 80th anniversary of the founding of ESCAP. China is willing to host the 2027 Annual Meeting in Shanghai, the birthplace of ESCAP. We look forward to taking this opportunity to reaffirm our original aspirations and missions with all members, deepen mutually beneficial cooperation, and make greater contributions to building an Asia-Pacific community," Guo Jiakun said.On April 21, Mohamad Elmasry, Professor of Media Studies at the Doha Institute, stated that relations between the United States and Iran have become "very precarious." He said, "A few days ago, a real opportunity for improvement arose when Trump asked the Iranians to open the Strait of Hormuz. It was at that moment that the US also had a chance to step down the ladder of escalation, but Trump did the opposite." He added that Trump "used this opportunity to declare victory because he wanted to show the American people that he had won and forced Iran to surrender." Elmasry stated that this was "a really significant miscalculation" by Trump, as this misstep has led to the current escalation of tensions. We still cannot be 100% certain whether the Iranians will appear in Pakistan for the second round of peace talks; I think they are very likely to go, but given everything that has happened in the past few days, the negotiations will now become much more difficult.

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."