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September 2nd: Gold buying interest remains strong amid rising bets on a September Federal Reserve rate cut. Uncertainty surrounding US tariffs, concerns about the Feds independence, and geopolitical factors are all positive for gold. Ahead of this weeks US macroeconomic data releases, a modest rebound in the US dollar has had little impact on golds upward momentum. Gold prices extended their upward trend for the sixth consecutive day during Asian trading on Tuesday, reaching a new all-time high, breaking through the psychological barrier of $3,500 per ounce. Growing acceptance of a Fed rate cut this month is proving a key factor driving continued flows into non-yielding gold. Furthermore, uncertainty surrounding US tariffs and escalating geopolitical tensions are other factors supporting safe-haven gold. These supportive factors have largely offset the negative impact of the dollars slight rise. However, short-term charts indicate extremely overbought conditions, prompting caution among gold bulls before positioning for further gains. Furthermore, with several key US macroeconomic data releases expected this week, including the non-farm payroll report, investors may opt to wait and see.Japans 20-year government bond yield rose 2 basis points to 2.650%.On September 2, digital medical and health technology company "Dingxiangyuan" is preparing to go public in Hong Kong and may officially submit its prospectus to the Hong Kong Stock Exchange as early as this year.Hong Kong-listed Yunfeng Financial (00376.HK) rose by more than 10%. Yunfeng Financial reached a strategic cooperation agreement with Ant Financial and made a strategic investment in the Pharos public chain to jointly build institutional-level RWA financial new infrastructure.Bank of Japan Deputy Governor Ryozo Himino: As we gradually advance quantitative easing, we may need to start exploring monthly purchases of Japanese government bonds consistent with appropriate reserve levels.

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."