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Merchants Bancorp: Q1 Earnings Snapshot

CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — Merchants Bancorp (MBIN) on Tuesday reported first-quarter net income of $67.7 million.

The Carmel, Indiana-based bank said it had earnings of $1.25 per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The bank holding company posted revenue of $317.1 million in the period. Its revenue net of interest expense was $175.2 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $175.6 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MBIN at https://www.zacks.com/ap/MBIN

Feeding Our Future fraud ring’s alleged No. 2 appears in court after Somalia arrest

▶ Watch Video: Man charged in pandemic fraud scheme after 4 years on run makes 1st court appearance The man federal prosecutors are calling "one of the biggest fish" in the Feeding Our Future fraud scheme made his first court appearance Friday.Forty-two-year-old Abdikerm Eidleh appeared in federal court in St. Paul on Friday, just weeks after he was arrested in Mogadishu. The FBI says he fled the country four years ago after being indicted in the Feeding Our Future scheme and was arrested with help from the Somali government.Prosecutors have outlined the 31 charges Eidleh is facing, including wire fraud, federal programs bribery and money laundering.During an interview shortly after his arrest in June, Daniel Rosen, the U.S. Attorney for Minnesota, called Eidleh the No. 2 operator in the Feeding Our Future fraud scheme — second only to Aimee Bock."Mr. Eidleh is one of those big fish. With his arrest now, we can prosecute one of the biggest fish involved in the Feeding Our Future scheme," said Rosen.Rosen said Eidleh also demanded kickbacks from others involved in the scheme, which were to be paid monthly. He allegedly deposited more than $5 million in bribes and other fraud proceeds into accounts associated with his shell companies."It shows that the long arm of American law reaches all around the globe — that even in Somalia, you can't escape the FBI," said Rosen.The FBI said the $300 million Feeding Our Future scandal has secured more than 70 guilty pleas, and they are hoping Eidleh will be the next one.In court, he wore an orange jail suit and sat next to a federal defense attorney. He was also flanked by two U.S. marshals.The judge deemed Eidleh a serious flight risk and did not grant him bail.He is scheduled to appear in court again on July 31 for an arraignment and detention hearing.The judge said Eidleh will now work with the federal defender's office to find a public defender for his case.
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