Aiden Pleterski, 25, Ontario’s self-proclaimed Crypto King, has been arrested and charged with fraud and money laundering following what Durham Region’s police chief has described as the “largest fraud investigation” in the region’s history. According to court documents, he was taken into custody on May 14 and released on bail the same day, with his parents posting a $100,000 surety. The charges against Pleterski stem from allegations that he defrauded investors of more than $40 million by promising massive profits and guaranteeing no losses.
Chief Peter Moreira of Durham Regional Police detailed the case at a news conference in Whitby, Ontario, explaining that investors began to suspect Pleterski when they couldn’t access their funds and subsequently reported their concerns to the police. These complaints, starting in July 2022, led to a joint investigation between Durham Regional Police and the Ontario Securities Commission (OSC), known as Project Swan.
The investigation spanned 18 months and involved more than 40 court orders, the review of thousands of financial documents, and numerous interviews. The investigation received support from four other Ontario police services, the Canada Border Services Agency, and the U.S. Department of Homeland Security.
Pleterski’s next court appearance is scheduled for June 10.
Colin Murphy, 27, an associate of Pleterski, was arrested four days before Pleterski and also charged with fraud over $5,000. Murphy had previously been sentenced to five months in jail for contempt of court in a lawsuit filed by an investor seeking to recover $120,000.
During the news conference, police did not specify the number of victims but confirmed that “millions” of dollars were allegedly defrauded by Pleterski and Murphy. Following his release on bail, Pleterski posted several TikTok videos and shared a message on Instagram expressing gratitude for the support he received.
This arrest marks the latest development in a series of incidents involving Pleterski, including his alleged kidnapping by an investor in December 2022 and a lawsuit from a Canadian NBA star who successfully exited an $8.4 million purchase of a lakefront mansion previously owned by Pleterski.
CBC Toronto’s investigation into Pleterski has revealed that investors have been trying to recover more than $40 million invested in cryptocurrency and foreign exchange. Pleterski was forced into bankruptcy in the summer of 2022, and a Toronto-based bankruptcy proceeding in Ontario Superior Court has since recovered about $3 million for roughly 160 investors.
An investigation by a licensed insolvency trustee found that Pleterski invested only about two percent of the funds while spending nearly $16 million on personal luxuries, including private jets, vacations, luxury cars, and a lakefront mansion.
Last fall, Pleterski was reportedly traveling to the U.K., Miami, and Australia. Stephen Henkel, a senior investigator for the OSC, noted that the scale of the alleged fraud was massive, spanning multiple jurisdictions. Forensic accountants from the OSC played a crucial role in analyzing the financial data and tracing the funds.
Henkel emphasized the importance of verifying the registration of individuals and businesses with Canadian securities regulators before investing in digital assets or other investment products.
Both Durham police and the OSC have urged additional victims of Pleterski, Murphy, or AP Private Equity to come forward. Det. Dave Jaciuk from Durham police’s financial crime unit acknowledged the extensive impact on victims, describing the investigation as long and complex.
Fraud-recovery lawyer Norman Groot, who has been involved in the case since Pleterski’s bankruptcy, described the charges as “a long time coming” and a positive outcome for many victims. Groot emphasized that the bail conditions, which include surrendering Pleterski’s passport and prohibiting contact with investors or social media posts related to financial matters, should restrict Pleterski’s ability to flaunt his wealth.
