According to Business Insider, Cooper Morgenthau, the former chief financial officer of two special purpose acquisition companies (SPACs) of African Gold and Strategic Metals Acquisition Corp, admitted to misappropriating $5 million to trade cryptocurrencies and meme stocks, and then falsified statements to cover up the losses. Cooper Morgenthau made false statements to the SEC when the first SPAC went public and misappropriated funds from the second to cover some of the losses. Cooper Morgenthau agreed to pay $5,111,335 in damages and the case is due for sentencing in mid-April.