Ontario's self-proclaimed Crypto King was arrested and charged with fraud and money laundering this week after what Durham Region's police chief called the "largest fraud investigation" the region had ever seen.
Aiden Pleterski, 25, was arrested on May 14 and then released on bail the same day, with his parents putting up a $100,000 surety, according to court documents.
"It's alleged that Pleterski solicited funds from investors promising massive profits and also guaranteeing no loss for the original money put out by investors," Chief Peter Moreira told reporters at a news conference in Whitby, Ont. Thursday.
"These investors became concerned when they were unable to access money held by Pleterski and came forward to police."
Those complaints about Pleterski and his company AP Private Equity, in July 2022, kicked off a joint-investigation between Durham Regional Police and the Ontario Securities Commission (OSC) dubbed Project Swan, according to Moreira.
During the 18-month investigation, police executed more than 40 court orders to gather evidence, reviewed thousands of financial documents and conducted "countless" interviews. Four other Ontario-based police services also helped with the investigation along with the Canada Border Services Agency and the U.S. Department of Homeland Security.
One of Pleterski's associates, Colin Murphy, 27, was arrested four days before him and was also charged with fraud over $5,000. CBC Toronto previously reported on Murphy's sentencing for contempt of court in a lawsuit from an investor trying to recover $120,000 given to Murphy to invest with Pleterski. He was sentenced to five months in jail, but was released in March pending an appeal of the sentence.
On Thursday, police wouldn't say how many victims came forward as part of their investigation, only that "millions" of dollars were allegedly defrauded by Pleterski and Murphy.
Pleterski still posting on social media
For his part, Pleterski has posted several TikTok videos since he was released on bail. Following the news conference on Thursday he posted a message to his Instagram that said: "So many of you guys are supportive, y'all are amazing."
Pleterski's arrest is just the latest twist in a CBC Toronto investigation into the Crypto King, which has also included the arrest of one of his investors, for allegedly kidnapping him in December 2022, and a Canadian NBA star successfully suing to get out of his $8.4 million purchase of a lakefront mansion where Pleterski used to live.
CBC Toronto's extensive reporting on Pleterski over nearly two years revealed that investors have been trying to track down more than $40 million they gave him to invest in cryptocurrency and foreign exchange. Pleterski was forced into bankruptcy by some investors in the summer of 2022. Since then, a Toronto-based bankruptcy proceeding that's being heard in Ontario Superior Court has recovered about $3 million for roughly 160 investors.
An investigation by a licensed insolvency trustee found Pleterski only invested about two per cent of investor funds while spending nearly $16 million on himself — renting private jets, going on vacations, adding luxury cars to his collection and leasing a lakefront mansion prior to his bankruptcy.
Last fall, Pleterski was still jet-setting to U.K., Miami and Australia.
Stephen Henkel, senior investigator for the OSC, said "the size of the alleged fraud was massive" and spanned several jurisdictions.
"The investigative team included forensic accountants from the OSC," he said.
"This specialized skill set was vital in the investigation because it enabled us to analyze huge volumes of financial information, quantify the alleged fraud and follow the money."
Neither Pleterski nor Murphy were registered "in any capacity" with the regulator, according to Henkel, meaning they were not legally permitted to engage in the business of trading securities or providing investment advice.
"It is critical that all those considering whether to purchase digital assets or any investment product first check whether the person or the business they deal with is registered with Canadian securities regulators," Henkel said.
Police urge victims to come forward
Both Durham police and the OSC urged anyone who may have been a victim of Pleterski, Murphy or AP Private Equity to come forward to police.
"This was a very long investigation, we spoke to multiple witnesses ... we know that there's are plenty more out there," said Det. Dave Jaciuk from Durham police's financial crime unit.
"A lot of lives have been devastated by this."
Fraud-recovery lawyer Norman Groot has been following the Crypto King's case since he was forced into bankruptcy and is representing the investor who sued Murphy to recover the $120,000 he gave him. Groot told CBC Toronto the charges are "a long time coming."
"It's a positive result for many of the victims," he said. "They've been hoping for this, and the conditions that are likely placed on his bail release should put a dent on his lifestyle of flaunting this money all over the world."
Pleterski's bail conditions include surrendering his passport, not contacting investors, refraining from making any social media posts involving financial matters like investments, and not buying or trading cryptocurrencies, according to court records.
His next court appearance is set for June 10.
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2024-05-16 21:45:53Z
CBMiVmh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2NhbmFkYS90b3JvbnRvL2FpZGVuLXBpZXRlcnNraS1jaGFyZ2VzLXBvbGljZS11cGRhdGUtMS43MjA1ODIw0gEgaHR0cHM6Ly93d3cuY2JjLmNhL2FtcC8xLjcyMDU4MjA
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