Canadian authorities have filed charges against Aiden Pleterski, a self-proclaimed “crypto king” and social media personality, for fraud and money laundering after an extensive investigation. Colin Murphy, an associate of Pleterski, has also been charged with fraud. The Ontario Securities Commission (OSC) and police made the announcement regarding the charges.
Pleterski was arrested on May 14 but was released the same day on a bail of C$100,000, which was provided by his parents. Murphy, on the other hand, faces charges for soliciting investments and falsely claiming to earn substantial weekly profits through his investment prowess. He was released with a promise to appear in court.
Fraud exceeding C$5,000 can result in a sentence of up to 14 years in prison. During a press conference on May 16, the Durham Regional Police Service and the OSC did not disclose specific financial details related to the charges, citing a publication ban. However, they did mention that Pleterski’s fraudulent activities may have persisted until February 2024.
The investigation into Pleterski and his company, AP Private Equity, began in July 2022 after numerous complaints were filed. Durham Police Chief Peter Moreira stated that an investor had previously sued them for fraud. In August of the same year, Pleterski and his company were declared bankrupt. The bankruptcy trustee discovered that Pleterski had raised C$41.5 million and had only invested 1.6% of that amount. He reportedly spent C$15.9 million on personal luxuries, including multiple high-end cars, such as a Lamborghini, two McLarens, and two BMWs, as well as renting a mansion and private jets.
Despite his bankruptcy and requests from the trustee to have him incarcerated, Pleterski continued to live a lavish lifestyle. He claimed to have been kidnapped and tortured by an investor and his associates in December 2022, which ultimately led to five arrests in Toronto in July 2023.
Pleterski’s extravagant lifestyle and involvement in fraudulent activities have garnered attention, especially in the crypto community. As Toronto continues to establish itself as a hub for cryptocurrency, it is important for investors to exercise caution and be aware of potential scams and fraudulent schemes.