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The API crude oil inventory data for the week ending January 16 will be released in ten minutes.The API crude oil inventory data for the week ending January 16 will be released in ten minutes.1. Judges Attitude: A majority of Supreme Court justices were cautious about the governments arguments, believing that President Trumps firing of Federal Reserve Governor Cook could undermine the Feds independence and disrupt markets. 2. Court Duty: Conservative Chief Justice Roberts expressed unease about the notion that judges have no power to review presidential dismissal decisions, especially given that officials are protected under "justified" dismissal protections. 3. Procedural Criteria: Before proceeding to the discussion of the grounds for dismissal, Deputy Attorney General Sauls assertion that "Trumps social media posts can be considered formal notification" was challenged. Trumps appointee, conservative Justice Barrett, questioned why it was so difficult to give Cook an opportunity to present himself in person. 4. Definition of Grounds: The justices were cautious in defining clear boundaries for "justifiable grounds" for dismissing a Federal Reserve governor. They noted that Federal Reserve regulations do not, like other laws, specify concrete grounds for dismissal such as "inefficiency," "negligence," and "malfeasance." 5. Economic Concerns: Trumps conservative Supreme Court nominee, Kavanaugh, warned that the governments stance could "crush" the Federal Reserves independence and have long-term consequences, putting Deputy Attorney General Saul on the defensive. The justices are still weighing the limits. Cooks lawyer, Clement, emphasized that the key is to avoid giving the market the impression that the interest rate cuts are driven by political pressure. 6. Political Risks: Kavanaugh also worries that a ruling in favor of the government could set a precedent, allowing future presidents to arbitrarily find reasons to fire former Federal Reserve officials.The Dow Jones Industrial Average rose 588.64 points, or 1.21%, to close at 49,077.23 on Wednesday, January 21; the S&P 500 rose 78.76 points, or 1.16%, to close at 6,875.62; and the Nasdaq Composite rose 270.50 points, or 1.18%, to close at 23,224.82.U.S. natural gas futures prices rose to $5 for the first time since last December.

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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