As a researcher, I find the news of Aiden Pleterski, Canada’s self-proclaimed “crypto king,” being charged with $30 million fraud deeply concerning. The allegations against him and his associate, Colin Murphy, are not only shocking but also a reminder of the risks associated with unregulated investment schemes.
Canada’s self-named ‘crypto king’ has been has been charged with $30 million fraud.
Based on a May 15th statement from the Ontario Securities Commission, Aiden Pleterski, 25, and Colin Murphy, 27, who are both Canadian citizens, have been formally accused of defrauding Canadians out of approximately $40 million CAD (equivalent to around $30 million USD).
The individual known as ‘Pleterski,’ who boasted the title ‘crypto king,’ is currently facing accusations of fraud and money laundering in connection to an alleged Ponzi scheme. Simultaneously, one of his associates has been charged with fraud.
As an analyst, I can share that following a thorough examination spanning sixteen months, codenamed Project Swan, we uncovered allegations of misconduct in conjunction with an ongoing bankruptcy proceeding.
Based on available court records and media reports, it appears that a pair successfully garnered approximately $40 million from around 160 investors between the years 2021 and 2022. They operated under the guise of AP Private Equity Limited and pledged to utilize these funds for investments in crypto and foreign exchange markets.
Some investors reportedly took out loans to invest in Pleterski’s scheme.
Despite the claims made by the accused, it is believed that not all the collected funds were utilized for investments. Instead, a significant amount was reportedly used for personal benefits.
The trustee overseeing the bankruptcy case disclosed that merely 2% of the amassed funds were utilized for investments. The remainder, amounting to approximately $16 million, was spent by Pleterski on extravagant purchases such as ten luxury cars and expensive travels abroad. Additionally, he rented a lavish $8.4 million lakefront mansion for a monthly fee of $45,000. Law enforcement has confiscated two McLarens, two BMWs, and a Lamborghini during the bankruptcy proceedings.
As a researcher, I’ve observed that Pleterski frequently showcased his opulent lifestyle on social media. He often live-streamed his travels and vacations, flaunting luxury cars and extravagant expenses.
In a video showcasing the construction of a Lego replica of the Titanic, he boldly declared that he had invested a considerable sum of $150,000 in Legos.
In the course of the bankruptcy hearing, Pleterski described himself as a young adult in his twenties, admitting to being disorganized with no system in place for tracking his financial transactions or settlements.
I’m currently on a $100,000 bail as of Tuesday. My parents signed this bond, which comes with conditions that include surrendering my passport and abstaining from posting about finance-related topics on social media. Additionally, I’ve been forbidden to buy or trade cryptocurrencies. The Ontario Securities Commission is still probing the matter, so more details will emerge soon.
Canada’s intentions to strengthen its control over the cryptocurrency market align with the announced plans. By 2026, regulators aim to implement the Crypto-Asset Reporting Framework (CARF), which includes new reporting obligations and increased supervision. The measures are designed to prevent crypto tax evasion.
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2024-05-16 11:42