African Gold Acquisition Corp.: $103K Fine

Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $103,591 on African Gold Acquisition Corp., described as “a publicly traded special purpose acquisition company incorporated in the Cayman Islands with its principal place of business in New York, New York”, for, inter alia, the entity’s “failure to implement sufficient internal controls enabled its former chief financial officer [Cooper Morgenthau] to misappropriate nearly all of the money in African Gold’s operating bank account and to otherwise effectively use African Gold’s operating bank account as his own personal account for over one year”.