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On April 23, at the TIMEDAY event hosted by Tencent Smart Mobility, Tang Daosheng, Senior Executive Vice President of Tencent Group and CEO of the Cloud and Smart Industries Group, stated that competition in the automotive industry is being redefined by AI. In the future, the difference between automakers will no longer depend on whether they possess intelligent technology itself, but rather on who can more quickly and systematically implement AI on a large scale.On April 23, the Hong Kong Securities and Futures Commission (SFC) disclosed that it had reached an agreement with PricewaterhouseCoopers (PwCs Hong Kong operating entity) to set aside HK$1 billion to compensate eligible independent minority shareholders of China Evergrande Group (China Evergrande) for the falsified financial statements in 2019 and 2020. Meanwhile, the Accounting and Financial Reporting Council (AFC) of Hong Kong disclosed that it had imposed a HK$300 million fine and a six-month professional restriction on PwC for its audit of Evergrande, and a total fine of HK$10 million on two of its former registered officers. PwC responded that the business restrictions imposed by the AFC would not affect the firms existing clients, and the restrictions only apply to its inability to undertake audits of new Hong Kong public interest entities within six months.Markets are increasing bets on a Bank of England rate hike, with expectations of a 62 basis point increase this year.Shell (SHEL.N): Every refinery in Europe is operating at full capacity to produce aviation fuel.Shell (SHEL.N): The Pernis refinery is maximizing jet fuel production.

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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