‘Crypto King’ Aiden Pleterski Arrested on Fraud Charges in Ontario
Aiden Pleterski, the 25-year-old self-proclaimed “Crypto King” from Whitby, Ontario, has been arrested and charged with fraud over $5,000 and laundering the proceeds of crime.
The arrest follows a 16-month investigation by Durham Regional Police, dubbed Project Swan, which began in July 2022 after numerous complaints from investors alleging an investment fraud involving Pleterski.
According to bankruptcy documents, Pleterski allegedly received over $40 million from investors over two years but only invested 1.6% of the funds while spending $15.9 million on his personal lifestyle. He was known for flaunting his lavish lifestyle on social media, showcasing supercars, luxury watches, and private jet travel.
Pleterski’s associate, Colin Murphy, 27, of Oshawa, has also been charged with fraud over $5,000. Investors have previously alleged in a civil action that Murphy operated a parallel Ponzi scheme to Pleterski’s alleged scheme.
Pleterski was released on a $100,000 bail with conditions that include surrendering his passport, refraining from contacting investors or associates, and abstaining from social media posts involving financial matters. He continues to post stories on Instagram.
The alleged fraud began when Pleterski started investing his own money in cryptocurrency as a teenager. By the age of 21, he was accepting investments from friends and family, promising weekly returns of 5-7%. However, Pleterski claims he lost everything in the winter of 2021 when the crypto market crashed, leading to a series of poor trading decisions.
In July 2023 a video surfaced showing a bloodied and bruised Pleterski, allegedly filmed in December 2022, in which he claims to have been kidnapped and apologizes to investors. According to Pleterski, the kidnapping occurred after he lost everything in the crypto market crash and made a series of bad trades. His lawyer said that some of the statements in the video were coerced.
Norman Groot, a fraud recovery lawyer representing some of the investors, suggests that the lengthy investigation may have been necessary to protect the accused’s right to a timely trial, given the challenges of prosecuting large-scale fraud cases within the 18-month timeline.
The Durham Regional Police Service and the Ontario Securities Commission are set to hold a news conference on Thursday to share further details about the case. Pleterski is scheduled to appear in court on June 10 in downtown Toronto.
Information for this story was found via CBC News, CP24, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
