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On January 23, the Shenzhen Municipal Peoples Procuratorate of Guangdong Province, after review in accordance with the law, filed a public prosecution with the Shenzhen Intermediate Peoples Court of Guangdong Province against 30 defendants, including Sui Guangyi and Ma Xiaoqiu, for committing illegal fundraising crimes in Shenzhen and other places through Shenzhen Dingyifeng Asset Management Co., Ltd., Hong Kong Dingyifeng International Holdings Group Co., Ltd. and its affiliated companies. The prosecution charges include crimes such as fundraising fraud, illegally absorbing public deposits, money laundering, embezzlement, illegally crossing national (border) boundaries, and providing false documents.On January 23, Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, stated, “Given the continued high level of uncertainty surrounding the election and subsequent parliamentary sessions, it will be difficult for the Bank of Japan to take any policy action. If the yen falls below 160 against the dollar, the Bank of Japan will have no choice but to take action, but I expect monetary intervention to be the first step. If the yen continues to weaken, the political environment may become more tolerant of interest rate hikes, increasing the likelihood of an earlier rate increase. As for rising bond yields, since this is mainly driven by Japanese political factors, it will be difficult for the Bank of Japan to intervene and increase its purchases of Japanese government bonds. Doing so would run counter to the process of normalizing monetary policy.”On January 23, the Shanghai Headquarters of the Peoples Bank of China released its 2025 report on Shanghais monetary and credit operations. The data shows that in 2025, RMB loans in Shanghai increased by 773.4 billion yuan, and RMB deposits increased by 2.35 trillion yuan. Regarding loans, at the end of December, the outstanding balance of RMB and foreign currency loans in Shanghai was 13.07 trillion yuan, a year-on-year increase of 6.5%. The outstanding balance of RMB loans was 12.47 trillion yuan, a year-on-year increase of 6.6%; the outstanding balance of foreign currency loans was 85.5 billion US dollars, a year-on-year increase of 6.4%. In 2025, among RMB personal deposits, time deposits increased by 319.9 billion yuan, a decrease of 201.3 billion yuan year-on-year; demand deposits, large-denomination certificates of deposit, structured deposits, and call deposits increased by 151.9 billion yuan, 91.4 billion yuan, 17.1 billion yuan, and 6.6 billion yuan respectively, an increase of 43.3 billion yuan, 46.2 billion yuan, 33.1 billion yuan, and 120 billion yuan respectively year-on-year.The yield on Japans two-year government bonds rose to 1.245%, a new high since 1996.The yield on Japans 40-year government bonds continued to fall, last dropping 5.5 basis points to 3.940%.

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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