Legal

Former chief financial officer at Desmond's gold firm stole money to invest in crypto and meme stocks

Cooper Morgenthau faces a possible sentence of 20 years in prison after pleading guilty to embezzling more than $5 million and losing almost all of it

Dermot Desmond has invested nearly $12 million in shares and warrants in African Gold Acquisition Corporation. Picture: PA

The former chief financial officer of African Gold Acquisition Corporation, a blank cheque company backed by Dermot Desmond, has pleaded guilty to embezzling millions of dollars from the company.

In a statement published on Tuesday by the US Attorney for the Southern District of New York, Cooper Morgenthau admitted to one count of wire fraud in connection to “a scheme to embezzle more than $5 million”.

Cooper was the chief financial officer of African Gold ...