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Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse

[May 23 8:05 PM] Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from…

Heartland Tri-State Bank Collapses, Biden Urged to Grant Silk Road’s Ross Ulbricht Clemency, and More — Week in Review

[Aug 6, 2023 6:30 AM] In this week’s news, another major U.S. bank has failed, a Maine senator has appealed to United States president Joe Biden to grant Silk Road creator Ross Ulbricht clemency, a senior U.S. district judge has rejected the approach taken in the…

JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators

[May 1, 2023 6:35 AM] On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the…

Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket

[Mar 19, 2023 11:30 AM] Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and…

Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure

[Mar 13, 2023 4:30 PM] Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes…

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

[Mar 11, 2023 4:30 PM] After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From…

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

[Mar 11, 2023 2:30 PM] Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged…

US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

[Mar 10, 2023 12:10 PM] After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can…