Reuters have the report.
A former chief financial officer of multiple special purpose acquisition companies (SPACs) has pleaded guilty to embezzling more than $5 million from them, and losing almost all of it trading meme stocks and cryptocurrencies.
- Cooper Morgenthau pleaded guilty to one count of wire fraud
- faces a possible prison sentence of about six to 7-1/4 years
Most of his losses, says the story, came from crypto trading, although he managed to lose a chunk of cash the good old-fashioned way, by trading stocks.
Speaking of crypto, Bitcoin update. Very stable!