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According to CCTV: Li Qiang chaired a symposium with economic experts and entrepreneurs.April 10th - At a special press conference held on the morning of the 10th, titled "Starting the 15th Five-Year Plan: Building the Hainan Free Trade Port to High Standards," it was announced that during the 14th Five-Year Plan period, the Hainan Free Trade Ports policies, including "zero tariffs," exemption from tariffs on processing value-added tax, and a "double 15%" income tax incentive, have cumulatively reduced taxes and fees and provided tax refunds exceeding 80 billion yuan for business entities.A Brazilian court rejected the governments request to continue exempting certain companies from oil export taxes.According to shipping intelligence firm Kpler, OPEC+ production in March fell by 20.5% compared to a record low in February. This translates to a month-on-month decrease of approximately 9 million barrels per day.On April 10, Kim Jong Un, General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission, met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, at the headquarters of the Workers Party of Korea Central Committee in Pyongyang. Wang Yi stated that China is willing to work with North Korea to implement the important consensus reached by the top leaders of the two parties and countries, strengthen exchanges and interactions, promote pragmatic cooperation, and inject new contemporary meaning into the traditional friendship between China and North Korea. Faced with a complex and volatile international situation, China and North Korea should, while firmly safeguarding their respective sovereignty, security, and development interests, further strengthen communication and coordination on major international and regional affairs, and make due contributions to safeguarding the common interests of developing countries and maintaining world peace and development.

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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