Events to watch heading into Tuesday include 3Q earnings reports by retailers, Wednesday's Federal Reserve minutes release and a possible rail strike update.
Federal Reserve Board Chair Jerome Powell. The minutes from the last Federal Reserve meeting will be released on Wednesday.
Investors will be looking for clues to Fed officials' opinion on the pace of inflation, and whether it will prompt the central bank to ratchet down the pace of interest-rate increases. CRYPTO FRAUD SCHEME: The FBI and Estonian police arrested two Estonian citizens Sunday for their alleged involvement in a $575 millionSergei Potapenko and Ivan Turõgin, both 37, are charged with conspiracy to commit wire fraud, 16 counts of wire fraud and one count of conspiracy to commit money laundering.
Prosecutors say the men persuaded victims to enter into fraudulent equipment rental contracts with the defendants’ cryptocurrency mining service, HashFlare. They also caused victims to invest in a phony virtual currency bank called Polybius Bank, which never paid out dividends. The indictment charges Potapenko and Turõgin with conspiring to launder their criminal proceeds by using shell companies, phony contracts and invoices.
"The size and scope of the alleged scheme is truly astounding," said Assistant Attorney General Kenneth Polite Jr. of the Justice Department's criminal division. "U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes."
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