Sponsored by Element 29 Resources

‘Crypto King’ funded lifestyle with Scene+ points

Aiden Pleterski, the self-proclaimed Crypto King of Whitby, Ontario, is accused of funding a luxurious lifestyle using loyalty points and the generosity of friends, despite owing $30 million to creditors. The 25-year-old allegedly defrauded investors out of $40 million, investing a mere fraction of the funds while splurging on sports cars, homes, and lavish trips documented on social media.

Grant Thornton, the court-appointed trustee, revealed in a recent report that Pleterski spent $16 million on luxury goods, with only about 2% of the received investments actually invested. The trustee’s investigation has brought to light Pleterski’s extravagant expenditures on items such as a $300,000 watch and virtual goods in the game Counter-Strike.

You can read more on the matter here.

What’s going on?

• OSFI Raises Concerns Over Potential Mortgage Defaults in Canada (theDeepDive)

• Canada says online streaming services must hand over 5% of their domestic revenues (Reuters)

• Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI (CNBC)

• Canada’s Federal Deficit Widens to $50.9 Billion in 2023-24 Fiscal Year (theDeepDive)

• US Job Openings Fall to Lowest Since 2021 in Broad Cooldown (Bloomberg)

• British bank accused of helping to fund terrorists (BBC)

• Ontario Expects Another Major EV Battery Plant Amid Auto Sector Race (theDeepDive)

• Zambia asks for IMF loan to be increased to $1.7 billion (Reuters)

• Canada’s Basel IV Push: Banks’ “Unappealing” Option To Raise Capital Through Issuing Equity (theDeepDive)

• Current and former OpenAI employees warn of AI’s ‘serious risk’ and lack of oversight (CNBC)

• Did Dr. Anthony Fauci Just Admit He Made Up The COVID Rules, Lab Leak Theory Could Be True? (theDeepDive)

• Netflix and Disney Caught by Canada’s New Media Funding Rules (Bloomberg)

What’s the latest?

• Canada’s Cyber Problem: Canadian security agencies aren’t capable of effectively policing cybercrime. The revelation came from Canada’s auditor general in a new report, which states that financial and personal information losses will only grow without prompt action from authorities. Reporting was seen as a major shortcoming, with RCMP often not even tracking cases properly.

• Rail Strike Costs: A rail strike in Canada would severely impact manufacturers, raising costs and disrupting supply chains according to a survey by the Canadian Manufacturers & Exporters. Over two-thirds of respondents said a strike would have "significant or severe" effects, with costs averaging $275,000 per company per day. The federal government is being urged to take action to prevent a potential strike later this year involving over 9,000 rail workers.

• TD Bank Woes: A former TD Bank employee in Florida, Gerry Aquino Vargas, allegedly took bribes to falsify documents and open accounts that enabled millions of dollars to be laundered from the U.S. to Colombia, circumventing anti-money laundering controls. This is part of a broader U.S. probe into TD Bank involving money laundering allegations, which has led to the bank abandoning a $13.4 billion acquisition of First Horizon Corp. and spending over $350 million to enhance compliance.

• Shopify Vote: Shopify Inc. shareholders will vote today on the company's executive compensation plan, which prominent proxy advisers ISS and Glass Lewis have recommended voting against. The advisers criticize the plan for problematic pay practices like granting CEO Tobi Lütke $20 million in stock options annually and COO Kaz Nejatian $75 million in equity awards with no performance conditions.

• US Jobs Data: US job openings fell more than anticipated in April, dropping 296,000 to 8.059 million. The figure represents the lowest level since February 2021, as per the Bureau of Labor Statistics in its JOLTS report.

Leveraging gold gains: why stocks beat bullion

The stock market and stuff

• Crypto King’s Lavish Lifestyle Funded By Scene+ Loyalty Points Amid $40-Million Fraud Allegations (theDeepDive)

• Indian Stocks Lose $386 Billion as Polls Tighter Than Forecast (Bloomberg)

• Ford EV and hybrid sales surge 65% in May (CNBC)

• Shopify shareholders to vote on exec pay, proxy advisers urge rejection (BNN)

In the juniors

• Power Nickel Hits 3.33% Copper Over 17.25 Metres At Lion Discovery (theDeepDive)

• Canopy Growth Finally Exercises Option To Acquire Acreage Holdings (theDeepDive)

• IsoEnergy Begins 30 Hole Drill Program In Eastern Athabasca Basin (theDeepDive)

FULL DISCLOSURE: Element 29 Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Element 29 Resources. The author has been compensated to cover Element 29 Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.