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February 23 – The 9th Congress of the Workers Party of Korea continued on February 22. The meeting discussed and revised the Workers Party Constitution and elected members of the Central Leadership. The Congress expressed its full support for and endorsement of the proposal to re-elect Kim Jong Un to the highest position in the Workers Party of Korea, and elected him as General Secretary of the Workers Party of Korea. The meeting also elected members and alternate members of the Central Committee of the Workers Party of Korea. Kim Jong Un, Pak Thae Song, Jo Yong Won, Ri Il Hwan, and 139 others were elected as members of the Central Committee of the Workers Party of Korea.February 23 - Analysts say that as skepticism surrounding artificial intelligence grows, Wall Street is increasingly worried that the chip giants earnings this week will drag down its stock price. Nvidias stock has been trading sideways for months, rising only 1.7% since the beginning of the fourth quarter of last year, slightly below the S&P 500s 3.3% gain over the same period. Nvidias recent lackluster performance is largely due to increased investor concerns about spending hundreds of billions of dollars on AI development, leading to capital outflows from large-cap tech stocks. However, the stock market also faces numerous external risks, including geopolitical instability and reduced expectations of interest rate cuts. All of this puts Nvidia in a delicate position when it releases its fourth-quarter and fiscal year results on Wednesday. Investors expect its results to far exceed Wall Street expectations and raise forecasts for the coming quarters. But the company may have little to do or say to drive a meaningful rise in its stock price. Nvidias stock price has fallen after its last two earnings releases.February 23 - On February 22, local time, Greenlands Prime Minister Jens-Frederic Nielsen stated on social media that Greenland has no intention of accepting a hospital ship that US President Trump planned to send to the island. Nielsen posted on Facebook that day, "The answer here is: No, thank you." He stated that Greenlanders enjoy free healthcare, a system that is a "basic component" of local society, "unlike the United States, where you have to pay for medical care."February 23 – The Iranian Foreign Ministry stated that its foreign minister and Iraqi foreign minister held a telephone conversation on Sunday evening. During the call, they reviewed and discussed the latest regional and international situation. The Iranian foreign minister briefed Iraq on the progress of the Iran-US nuclear negotiations. The Iraqi foreign minister emphasized Iraqs support for the ongoing diplomatic process and expressed hope that the ongoing talks would yield favorable results for Iran and bring peace and stability to the region.On February 23, local time, European Parliament International Trade Committee Chairman Alain Lange announced via social media that he would propose a suspension of the European Parliaments ratification of the EU-US trade agreement due to the "chaos" caused by the US Supreme Courts ruling that the US governments massive tariff policies were illegal. Lange stated that clear stipulations and legal certainty are needed before any further measures can be taken, and he will formally propose on the 23rd that the European Parliament temporarily freeze the ratification process of the trade agreement with the US until a proper legal assessment and clear commitment from the US are obtained. The EU-US trade agreement was reached last July, with the US imposing a 15% tariff on EU goods imported into the US.

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."