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Canada's Crypto King arrested on fraud charges

Aiden Pleterski, who dubbed himself the "Crypto King" of Canada, has been arrested in Whitby, Ontario, for his involvement in a $40 million fraud. The arrest, which also saw another man taken into custody, follows an extensive investigation into a Ponzi scheme that began in the summer of 2022. Police will provide more details at a news conference today, but what is already known is both shocking and intriguing.

Pleterski gained notoriety on social media, where he flaunted his wealth and claimed to be an investment expert. However, investigators now say his image was built on lies. Despite attracting investments from hundreds of people, only about $3 million of the funds have been recovered through U.S. bankruptcy proceedings. This arrest marks the latest chapter in a saga filled with twists and turns.

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Wildfire Situation in Fort McMurray Worsens

The wildfire crisis near Fort McMurray, Alberta, has escalated with a second blaze threatening the area. Initially, fire officials were concerned about a large fire approaching from the southwest. On Wednesday, a new, smaller fire ignited north of the city, posing a danger to nearby oilsands operations. Despite some rain earlier in the week, the forecast offers little relief.

Walmart's Earnings Exceed Expectations

Walmart has reported impressive earnings, delighting investors. The retailer's same-store sales grew by 3.8% this quarter, surpassing Wall Street's predictions and outperforming competitors like Home Depot. E-commerce was a standout, with a 22% growth. While average customer receipts remained steady, the number of transactions increased compared to last year, boosting the company's shares by over 5% in premarket trading.

Laurentian Bank to Cut Jobs and Exit Research Business

Laurentian Bank is undergoing another operational overhaul, cutting around 50 jobs and exiting the equity research business. After a failed attempt to sell the bank and previous job cuts in December, Laurentian is suspending research coverage on about 80 small-cap mining and resource companies, struggling to find a clear strategic path forward.

Canadian Crude's Unique Journey to India

A Bloomberg report highlights a unique shipment of Canadian crude to India amid a global shortage of heavy crude. Reliance Industries purchased 2 million barrels, which were loaded onto four smaller tankers at Burnaby, B.C., due to port depth restrictions. These tankers will transfer their cargo to a single Very Large Crude Carrier in the ocean before heading on a 19,000-kilometre journey to India. This comes as heavy crude supplies from Venezuela, Mexico, and OPEC dwindle, benefiting Canada and its recently expanded Trans Mountain Pipeline.



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