According to a press release from the U.S. Department of Justice (DOJ), Cooper Morgenthau, the former chief financial officer of two special purpose acquisition companies (SPACs), African Gold and Strategic Metals Acquisition Corp, was sentenced to 36 months in prison for wire fraud for embezzling more than $5 million from the two SPACs. Cooper Morgenthau admitted to embezzling $5 million to trade cryptocurrencies and meme stocks, and then falsified statements to cover up the losses. Cooper Morgenthau made false statements to the U.S. Securities and Exchange Commission when the first SPAC company went public, and embezzled funds from the second company to make up for some of the losses. Cooper Morgenthau agreed to pay $5,111,335 in compensation.