27-year-old 'Crypto King' accused of spending $12M of investors' money on luxury cars, pr…

Self-described "Crypto King" Aiden Pleterski, 27, spent more than CAD12 million (US$12 million) of investors' money on luxury cars, private jets and other personal expenses, a Canadian court has heard.

Pleterski is on trial in Toronto on fraud and money laundering charges over allegations that he used money entrusted to him for cryptocurrency and foreign currency trading to fund a lavish lifestyle.

He began attracting investors in 2020 by promising high returns and assuring them their money was protected, according to prosecutors cited by Canada's Global News. One investor testified that he was promised weekly returns of 3%, while another said he invested CAD900,000 after visiting Pleterski's waterfront mansion, where luxury cars were parked in the garage.

Albert Ciorma, a forensic accountant with the Ontario Securities Commission, told the court on Oct. 16 that Pleterski received CAD36.3 million from investors between 2020 and 2022, according to CBC News. Of that amount, CAD5.6 million was spenton luxury vehicles, CAD4.9 million on credit card bills and CAD3.7 million was transferred to his parents. Other expenses included approximately CAD870,000 on travel and private jets, CAD609,000 in credit card cash advances and CAD598,000 on security.

Despite collecting tens of millions of dollars, Pleterski transferred only about CAD113,000 to cryptocurrency and foreign exchange trading platforms, Ciorma testified. None of the money went to FXChoice, the trading platform specified in investors' contracts.

The court also heard that Pleterski paid CAD16.1 million to investors as purported returns, largely using funds received from other investors. Several investors testified earlier in the trial that they had suffered substantial losses after trusting his claims of investment success. Among them was real estate developer Sacha Singh, who said he invested more than CAD4.5 million after hearing about Pleterski's reported returns and initially believed the young trader could become a major figure in cryptocurrency.

Pleterski was charged in May 2024 following an investigation by Ontario's securities regulator and Durham Regional Police. He has pleaded not guilty to fraud and money laundering. Pleterski's trial is scheduled to continue on Monday, with further testimony from the forensic accountant.