Aiden Pleterski, the self-described “Crypto King” accused of defrauding investors of more than $36 million, has been found guilty of fraud over $5,000 by a jury in Toronto.
Pleterski, 27, appeared in Ontario Superior Court on Oct. 29, where he represented himself during the trial and pleaded not guilty to the charge.
The Crown had also charged Pleterski with money laundering, but prosecutors dropped that charge after presenting their case.
The jury heard evidence that investors gave Pleterski more than $36.3 million between 2020 and 2022, believing he would use the money to trade in foreign exchange and cryptocurrency. Crown prosecutors argued that he instead used the funds to pay for luxury items and make payments to other investors.
Albert Ciorma, a senior forensic accountant with the Ontario Securities Commission, testified that his review of Pleterski’s financial records found that none of the money received from investors was sent to FXChoice, the trading platform named in their investment contracts. About $113,000 was sent to other foreign-exchange and cryptocurrency platforms, he said.
Ciorma testified that Pleterski spent about $5.6 million on luxury vehicles, $4.9 million on credit card bills, $870,000 on travel and private jets, and $598,000 on security.
He also transferred nearly $3.7 million to his parents and took $609,000 in credit-card cash advances, the accountant said. Pleterski paid out another $16.1 million to investors from the money he received, according to Ciorma.
The judge denied Pleterski’s request for a mistrial earlier this week, after Pleterski had argued that he couldn’t have a fair trail without a lawyer.
Ontario Superior Court Justice Shaun Nakatsuru denied Pleterski’s request to delay the trial, despite his lawyer saying relatives were prepared to sell assets to help pay for his defence. The judge said he would take an “enhanced role” during the trial, including raising objections on Pleterski’s behalf.
Purported $311 Million Account
A central issue at trial was a purported $311 million trading account that Pleterski allegedly showed investors through screenshots and video.
The jury heard an audio recording of a 2022 meeting with investors in which Pleterski acknowledged that the fund did not exist.
In his closing argument, Crown prosecutor Akshay Aurora said the account had never held $300 million and that its highest balance was $12,000.
Aurora argued that Pleterski controlled the scheme and knowingly used investor funds as his own.
“Mr. Pleterski was no ‘Crypto King.’ Far from it. As it turns out, he was no king at all. He was a thief,” Aurora told the jury.
“A thief who stole investor money and used it as he pleased. A thief who stole investor money using calculated lies.”
Aurora said the financial records showed that Pleterski spent investor money on his lifestyle while investors sought updates about their funds.
Pleterski Statement
Pleterski addressed the jury during his closing statement on Oct. 28, saying he was not qualified to make a closing argument but maintained his innocence.
“I am the least qualified person here to give a closing statement,” he said.
“However, that being said, I am innocent of these charges. That is why I pled not guilty. Had I not been forced to represent myself, that would have been proven. That’s all I have to say.”
During the trial, Pleterski cross-examined only the first of 14 witnesses called by the Crown. He did not call evidence in his defence or testify himself.
Pleterski was charged in May 2024 following a lengthy investigation involving the Ontario Securities Commission and Durham Regional Police.
The fraud proceedings are separate from the criminal case involving Pleterski’s alleged kidnapping and torture in December 2022. Five men were charged in connection with that incident.
