On February 22, 2023, the Securities and Exchange Commission (“sec”) issued a cease-and-desist order (the “Order”) charging African Gold Acquisition Corp. (“African Gold”) with multiple violations of the Securities Exchange Act of 1934 (the “Exchange Act”) related to African Gold's failure to maintain a sufficient system of internal controls.1 The SEC concluded that African Gold's…
Source: Missing Gold: Misappropriation by SPAC CFO Underscores Importance of Internal Controls