Two Ontario men, one of whom is known as the “Crypto King,” have been arrested and charged with fraud after allegedly receiving over C$40 million from investors. Aiden Pleterski, 25, was charged with fraud exceeding C$5,000 and laundering criminal proceeds, while his associate Colin Murphy, 27, faced fraud charges as well but was released on an undertaking. The Durham police launched an investigation after receiving numerous complaints of investment fraud in July 2022, leading to the discovery of an accomplice promising high weekly returns through investments. Victims ultimately lost their funds and were unable to recover them.
Investors who trusted Pleterski with their money have been left high and dry, as more than C$40 million invested in cryptocurrency and foreign exchange remains missing. An insolvency trustee’s investigation revealed that Pleterski diverted $16 million for personal use, including extravagant expenses like renting private jets, luxury vacations, car purchases, and leasing a lakefront mansion. Shockingly, he only invested about 2% of the funds entrusted to him, leaving hundreds of investors with significant losses.
Pleterski, who portrayed himself as a professional streamer online, has been involved in various controversies. Kidnappers allegedly abducted him from downtown Toronto, holding him captive for three days and subjecting him to torture while demanding a multi-million dollar ransom. The kidnappers drove him around southern Ontario before eventually releasing him. Additionally, a judge in Ontario issued an arrest warrant for Ryan Rumble, another associate alleged to have helped run Pleterski’s multi-year, multi-million dollar crypto investment scam.
The police are set to hold a news conference to reveal more details about the ongoing investigation into the fraud scheme orchestrated by Pleterski and his associates. The investigation began after a surge of complaints regarding investment fraud by a Whitby man, leading to the discovery of an accomplice promising high returns through investments. Victims who entrusted their money to Pleterski were ultimately defrauded and unable to recover their funds, highlighting the devastating impact of investment scams on unsuspecting individuals.
The revelation of Pleterski diverting millions of dollars for personal use while investing only a fraction of the funds entrusted to him sheds light on the extent of the fraud committed by the self-described “Crypto King.” His extravagant lifestyle, including renting private jets and luxury vacations, was funded by the losses of hundreds of investors who believed in his promises of high returns. The ongoing legal proceedings and investigation aim to bring justice to the victims who have suffered significant financial losses due to the fraudulent activities of Pleterski and his associates.
In light of the recent arrests, charges, and investigations into Pleterski’s fraudulent activities, it is crucial for investors to exercise caution and due diligence when considering investment opportunities. The case serves as a reminder of the risks involved in trusting individuals promising high returns without proper oversight or verification of their credentials. As authorities continue to uncover the extent of the fraud scheme, it is essential for individuals to remain vigilant and seek reputable investment advice to avoid falling victim to similar scams in the future.
