Cooper Morgenthau, the former CFO of African Gold Acquisition Corp. (AGAC), has been sentenced to three years in prison for embezzling over $5 million from three different special purpose acquisition companies (SPACs) between June 2021 and August 2022. Morgenthau used the embezzled funds to trade equities and options of cryptocurrencies and so-called meme stocks, losing almost all of the funds. He then provided falsified documents to accountants and an auditor at AGAC ahead of its public filing with the SEC that led to “material misstatements” in the company’s public financial records. Morgenthau pled guilty to one count of wire fraud, and as well as his prison sentence, he was ordered to forfeit $5.1 million and pay further restitution of $5.1 million. (Cointelegraph)