Sponsored by Alaska Energy Metals

Kansas bank CEO caught in $47 million crypto scam

Shan Hanes, the former CEO of Kansas-based Heartland Tri-State Bank, has been charged with embezzling a staggering $47.1 million. The funds, siphoned from the bank’s reserves, were allegedly used to purchase cryptocurrency.

This large-scale embezzlement led to the bank’s closure in July, which was then reported to be due to a scam that the bank “fell victim to.” The closure left the small community of Elkhart, Kansas, in shock. The filing revealed that Hanes also embezzled money from a church in the community where he occasionally preached, as well as a local investment club.

You can read more on the matter here.

What’s going on?

• A New Bill Is Trying To Make It Illegal To Promote Oil And Gas In Canada (theDeepDive)

• Iceland volcano erupts with lava fountains, disrupts heating and roads (Reuters)

• Adam Neumann Wants to Buy WeWork Amid Bankruptcy Through Flow (theDeepDive)

• Trump ‘Disqualified Himself,’ Voter Lawyer Tells Supreme Court (Bloomberg)

• Average credit card balances jump 10% to a record $6,360 as more consumers fall behind on payments (CNBC)

• Top Chinese Banks Stop Operations In Russia And Belarus (theDeepDive)

• Supreme Court Takes Up Donald Trump’s Ballot Eligibility (WSJ)

• Hackers Found That Russia Paid Iran $1.75 Billion ‘In Literal Gold’ for 6,000 Drones (theDeepDive)

• A 99% Bond Wipeout Hands Hedge Funds a Harsh Lesson on China (BNN)

• US Drone Strike Kills High-Ranking Kataib Hezbollah Commander in Baghdad Despite “Suspending Attacks” (theDeepDive)

• Zaluzhnyi Leaves as Ukraine’s Army Chief (Bloomberg)

What’s the latest?

• More Layoffs: BCE Inc. announced it is selling 45 of its 103 regional radio stations and cutting 9% of its workforce, or 4,800 jobs, impacting journalists and other workers at its Bell Media subsidiary, as part of a significant restructuring effort. This decision affects stations across British Columbia, Ontario, Quebec, and Atlantic Canada, and follows a previous round of layoffs and station closures or sales.

• Car Theft Crackdown: Prime Minister Justin Trudeau announced plans to explore harsher penalties for auto theft after its become a political hot potato. Canada sees an estimated 90,000 cars stolen each year. The government is considering incentives for automakers to implement better anti-theft technology amidst concerns over organized crime's involvement in auto theft and its funding of other illegal activities.

• Google AI: Google has renamed its Bard chatbot to Gemini and introduced a subscription service, Gemini Advanced, for $19.99 a month, offering U.S. customers access to a more potent AI model, Ultra 1.0, along with two terabytes of cloud storage. This move positions Google as a strong competitor against Microsoft and OpenAI, providing subscribers with advanced AI capabilities in Gmail and Google's productivity suite under the Google One AI Premium plan.

• Maersk Hit: Maersk, the Danish shipping giant, has warned that container shipping overcapacity will significantly impact its profits this year, a situation exacerbated by the lack of expected benefits from increased freight rates due to Red Sea disruptions. This announcement has led to a sharp 17% drop in Maersk's shares and prompted the company to suspend its share buyback program.

• Bolsonaro Problems: Brazil's federal police have intensified actions against former President Jair Bolsonaro by seeking to confiscate his passport and arresting some of his close aides, linked to an alleged coup attempt following his 2022 election loss. This development marks a significant escalation in the investigations surrounding Bolsonaro, who has faced various legal challenges since leaving office, including being declared politically ineligible until 2030.

Capital flows in the resource sector

The stock market and stuff

• THCX: Another Cannabis ETF Closes Down (theDeepDive)

• Google rebrands Bard chatbot as Gemini, rolls out paid subscription (Reuters)

• Oil rises for fourth day after Israel rejects Hamas proposal (CNBC)

• Arm shares soar as AI-fueled boom brightens growth prospects (Reuters)

• Disney Beats Q1 2024 Estimates, Hikes Dividend By 50% (theDeepDive)

• Arm shares surge 60% after company reports strong earnings and forecast (CNBC)

In the juniors

• Canada Nickel Plans To Open Nickel Processing, Stainless Steel Production Facilities (theDeepDive)

• Canadian miner plans US$1 billion nickel processing plant for EVs (BNN)

• Aurora Cannabis Sees Growth In Fiscal Q3, Acquires Remainder Of MedReleaf Australia (theDeepDive)

FULL DISCLOSURE: Alaska Energy Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Alaska Energy Metals. The author has been compensated to cover Alaska Energy Metals 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.