Defendant Name: African Gold Acquisition Corp.

Defendant Type: Public Company

Document Reference: 2023-36

Document Details

Legal Case Name In the Matter of African Gold Acquisition Corp.
Document Name SEC Charges African Gold Acquisition Corp. with Internal Controls, Reporting, and Recordkeeping Failures
Document Date 22-Feb-2023
Document Format Administrative Proceeding
File Number 3-21309
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC "announced settled charges against African Gold Acquisition Corp., a publicly traded special purpose acquisition company (SPAC), for internal controls, reporting, and recordkeeping violations. These failures enabled African Gold’s former chief financial officer to misappropriate approximately $1.2 million from the company’s operating bank account. As a result, African Gold made materially false filings with the Commission and maintained inaccurate books and records."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $103,591.00 Shared:    

Related Documents:

34-96960 22-Feb-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On February 22, 2023, the SEC instituted cease-and-desist proceedings against African Gold Acquisition Corp., stating: "Since the closing of its initial public offering (“IPO”) of securities on March 2, 2021 until late 2022, African Gold failed properly to devise and maintain a sufficient system of internal accounting controls and also failed to maintain internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DCP”) as required."

Related Actions:

SEC v. Cooper J. Morgenthau
Cooper J. Morgenthau