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On April 29th, Japanese Prime Minister Sanae Takaichi posted on social media: "We have confirmed that a Japanese-affiliated vessel that was previously stranded in the Persian Gulf safely passed through the Strait of Hormuz on April 29th and has now withdrawn from the Persian Gulf, heading towards Japan. There were three Japanese crew members on board. Japan has consistently maintained that it is imperative to ensure the freedom and safety of all vessels, including Japanese ships, in the Strait of Hormuz as soon as possible. Japan will seize every opportunity to engage with Iran. I have personally conveyed this position of our country to Iranian President Pezechzian."The main contract for the container shipping index (European route) rose by 3.00% during the day, currently trading at 2295.0 points.April 29 - Kazakhstans Energy Ministry said on Wednesday that it has no plans to withdraw from OPEC+, a day after the United Arab Emirates announced its withdrawal from the oil-producing organization amid the energy crisis triggered by the war with Iran.April 29th - The World Gold Council estimates that global central banks increased their gold reserves at the fastest pace in over a year in the first quarter, driven by a buying spree triggered by falling gold prices. Data shows that official institutions made net purchases of 244 tons of gold in the first quarter, up from 208 tons in the previous quarter. Poland, Uzbekistan, and China were the largest disclosed buyers, with some purchases remaining undisclosed. Gold prices have fluctuated significantly this year, hitting a record high at the end of January before falling in March following the outbreak of the Iraq War. John Reade, chief strategist at the World Gold Council, stated, "This is the first significant pullback in gold prices in some time, allowing central banks that may have been waiting on the sidelines to enter the market and buy heavily." Several other central banks also reduced their holdings in the first quarter. Turkey, Russia, and Azerbaijan, along with other smaller central banks and sovereign wealth funds, reduced their holdings by approximately 115 tons. These moves initially raised concerns about continued institutional buying, a trend that has been a key driver of gold price increases for many years.Mercedes CFO: Increased electric vehicle production is expected to boost sales in the second half of the year, but this is also expected to dilute profits to some extent.

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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