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Andrew Left targeted by SEC with fraud allegations

US Federal prosecutors have charged Andrew Left, the prominent short seller and head of Citron Capital, with fraud. The Securities and Exchange Commission (SEC) alleges that Left made exaggerated or misleading statements about stocks to profit from the resulting market movements.

The case, brought in federal court in California, accuses Left of using his reputation and social media presence to manipulate stock prices for personal gain.

You can read more on the matter here.

What’s going on?

• Jasper Fire: “Potentially 30% – 50% Structural Damage” Says Premier Smith (theDeepDive)

• Supreme Court rules Crown owes Northern Ontario First Nations billions for ‘egregious’ treaty violations (Globe)

• Russia’s Central Bank Hikes Interest Rates to Two-Year High At 18% (theDeepDive)

• Fed seen signaling September rate cut at next week’s meeting (BNN)

• Did El Chapo’s Son Aid the U.S. in the Capture Of Sinaloa Cartel Leader El Mayo? (theDeepDive)

• Fed’s Favored Price Gauge Rises at Mild Pace, Spending Holds Up (Bloomberg)

• Is OpenAI Running Out of Funds? (theDeepDive)

• Toyota to build EV battery plant for Lexus cars, Nikkei reports (Reuters)

• Harvard's $465 Million in Tax Benefits Draw New Scrutiny (Bloomberg)

• Canadian Banks in Crisis? Bank of Canada’s Repo Operations Skyrocket to $16 Billion (theDeepDive)

• Canadian men’s team attempted drone spying during Copa America run, Canada Soccer CEO admits (Globe)

What’s the latest?

• Scotiabank Down: Thousands of Bank of Nova Scotia customers reported issues with their online banking services on Friday, with many not receiving their paychecks. About 5,000 reports of Scotiabank issues were listed on Downdetector, with 90% related to deposit problems. Scotiabank acknowledged the issue, stating that inbound payments, including direct deposits and cheque deposits, were not being applied to accounts and they are working to resolve the issue.

• Paris Arson: French Prime Minister Gabriel Attal stated that attackers targeted France's high-speed train network early Friday, just hours before the opening ceremony of the 2024 Paris Olympics. The coordinated attacks aimed at the main routes from the north, east, and west toward Paris were intended to block access and cause massive disruptions.

• Argentina IMF Deal: President Javier Milei confirmed that Argentina will “certainly” reach a deal with the International Monetary Fund by the end of the year, following a meeting with French President Emmanuel Macron. This statement comes after Economy Minister Luis Caputo had a “constructive meeting” with IMF Managing Director Kristalina Georgieva. The new agreement with the IMF is crucial for lifting capital controls, returning to international markets, and stabilizing Argentina's economy.

• BoC Estimates: The Bank of Canada has raised its population growth forecasts due to delays in the federal government's plans to reduce non-permanent resident inflows, which could impact fiscal and monetary policies. The central bank now predicts a 3.3% increase in the number of people over 15 in Canada this year, up from about 3%, with a slower deceleration to 1.7% growth in 2025 and 2026.

• Jasper Fire: A wildfire that surged into Jasper, Alberta, has grown to 36,000 hectares, quadrupling in size since Tuesday. Preliminary estimates suggest 30 to 50 per cent of the town's structures may have burned, though Parks Canada has not confirmed the full extent of the damage. Videos on social media show significant destruction, with many buildings reduced to rubble and charred vehicles lining the streets.

Restarting the Crean Hill mine

The stock market and stuff

• Bitcoin Policy Pushes For UK To Hodl Its 61,000 Bitcoin Holdings (theDeepDive)

• Cryptocurrencies rebound with risk assets, but ether still lower for the week (CNBC)

• Cash-hungry Canadian miners test grey area of anti-China M&A rules (BNN)

• Bitcoin Continues to be the Most Abused Cryptocurrency, Europol Report Finds (theDeepDive)

• Bristol Myers Squibb beats earnings estimates, raises outlook as drugmaker slashes costs (CNBC)

In the juniors

• Nevada King Gold Slated To Spinout Non-Core Assets On August 1 (theDeepDive)

• Plurilock AI Notches Its Fifth Data Quadrant Gold Medal (theDeepDive)

• Seabridge Gold Obtains ‘Substantially Started’ Designation For KSM (theDeepDive)

• Rua Gold To Uplist To TSX Venture Next Week, Closes $8 Million Financing (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.