Arrest and Charges
Canadian authorities have arrested 25-year-old Aiden Pleterski for allegedly running a cryptocurrency Ponzi scheme that defrauded investors of over $30 million. Pleterski, known as the “Crypto King,” is facing charges of fraud and money laundering.
Investigation and Evidence
An 18-month investigation by Ontario police revealed that Pleterski promised investors high profits and guaranteed no losses. However, when investors tried to withdraw their funds, they were unable to access them.
Luxury Lifestyle and Misuse of Funds
An investigation found that Pleterski invested only 2% of investors’ funds while spending $11.75 million on a lavish lifestyle, including vacations, jets, mansions, and luxury cars.
Size and Complexity of the Fraud
Ontario Securities Commission (OSC) investigators described the fraud as “massive” and required specialized forensic accountants to analyze the complex financial transactions.
Legal Consequences
If convicted, Pleterski faces a maximum of 14 years in prison. His alleged associate, Colin Murphy, has also been arrested and charged with fraud.
Investor Protection
The OSC urges investors to check the registration status of any individual or business they deal with before investing in digital assets.
