Aiden Pleterski, a self-proclaimed “crypto king” and social media influencer, has been charged with fraud over $5,000 Canadian dollars (approximately $3,666 USD) and money laundering. His associate, Colin Murphy, faces similar charges, the Ontario Securities Commission (OSC) and Canadian police announced after an extensive investigation sparked by numerous investor complaints.
Pleterski was arrested on May 14 but was released the same day on C$100,000 bail provided by his parents. Murphy, accused of soliciting investments with false promises of significant weekly profits, was also released on a promise to appear in court. Fraud involving amounts over C$5,000 can result in up to 14 years of imprisonment.
Investigation and Findings
The investigation into Pleterski and his company, AP Private Equity, began in July 2022. Durham Police Chief Peter Moreira described it as highly thorough, involving over 40 court orders and an 18-month meticulous analysis of financial documents. Despite a publication ban on the financial specifics, authorities indicated that Pleterski’s fraudulent activities possibly continued until February 2024.
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The probe revealed that Pleterski had raised C$41.5 million from investors but invested only 1.6% of the funds. Instead, he allegedly spent C$15.9 million on personal luxuries, including a Lamborghini, two McLarens, two BMWs, and renting a mansion and private jets.
Background and Context
The charges come after a series of legal troubles for Pleterski. In August 2022, Pleterski and his company were declared bankrupt following an investor lawsuit filed three months earlier. The bankruptcy trustee’s findings corroborated the allegations of significant personal expenditures using investor funds.
As this high-profile case unfolds, it underscores the importance of thorough due diligence and regulatory scrutiny in the rapidly evolving cryptocurrency market.
