Canada's "Crypto King" accused of spending $16.3 million of investors' money on luxury cars, private jets and more

PANews, October 17 — According to a report by the Canadian Broadcasting Corporation (CBC), self-proclaimed "Crypto King" Aiden Pleterski is on trial at the Ontario Superior Court of Justice. A senior forensic accountant with the Ontario Securities Commission testified that between 2020 and 2022, investors put $36.3 million into him, nearly half of which he used for personal expenses. Specific spending included: roughly $5.6 million on luxury cars, $4.9 million on credit card bills, $870,000 on travel and private jets, $598,000 on security, and nearly $3.7 million transferred to his parents, among other things. At the same time, he paid investors about $16.1 million as "returns."

The accountant noted that investor funds were never transferred to FXChoice, the trading platform promised in the contract, and only about $113,000 flowed to other forex and cryptocurrency platforms. Prosecutors allege that he guaranteed investment returns but did not actually trade, instead using the funds for personal consumption. Pleterski denies the fraud and money laundering charges, and the case is still ongoing.