Based on testimony delivered on Friday in Toronto’s Superior Court by a senior forensic accountant, Aiden Pleterski—who referred to himself as the “Crypto King”—used roughly half of the $36.3 million provided by investors for personal expenses while distributing a nearly identical sum back to investors as returns between 2020 and 2022.
Examining the Investor Fund Allocations
- Forensic audit evidence presented by Ontario Securities Commission accountant Albert Ciorma reveals Aiden Pleterski spent more than $16.3 million of investor capital on personal expenses, including luxury vehicles, private jets, and credit card bills.
- The Crown alleges Pleterski guaranteed the money his investors gave him for trading between July 2020 and July 2022 without actually executing the trades on platforms like FXChoice.
- Following a bankruptcy filing in 2022, court-appointed trustees recovered roughly $3 million from the $40 million total collected, returning approximately 7.5 cents per dollar to about 160 victims.
Forensic Accountant Details Flow of Funds
Testifying in Toronto’s Superior Court on Friday, Albert Ciorma of the Ontario Securities Commission outlined how investor capital moved through Aiden Pleterski’s accounts. Crown prosecutor Scott Patterson walked through dozens of pages of bank records detailing transactions from the spring of 2021. According to testimony from Ciorma, investor capital was never deposited into FXChoice—the trading platform specified in their agreements—for trading purposes on their behalf. Instead, only about $113,000 was ever sent to other foreign exchange and cryptocurrency platforms.
This man called himself Canada’s Crypto King and rugged CAD $41.5 million.He was 23 years old fresh out of college renting a $9,000/month mansion in Burlington, Ontario.He filled the driveway with Lamborghinis and supercars and paid for a fake Forbes feature to look legit.… pic.twitter.com/MtfqgD6tF2
The forensic audit revealed that Pleterski spent about $5.6 million on luxury vehicles and $4.9 million on credit card bills. Additional expenditures included $870,000 for travel and private jets, $598,000 for security, and $609,000 in cash advances from a credit card. Furthermore, Pleterski gave nearly $3.7 million to his parents. Beyond these personal outlays, Ciorma noted that Pleterski paid out another $16.1 million to investors from the funds he received.
From Guaranteed Returns to Bankruptcy Proceedings
The 27-year-old has pleaded not guilty to fraud over $5,000 and money laundering following charges laid in May 2024 by the Ontario Securities Commission and Durham Regional Police. During the jury trial, nearly a dozen investors testified to handing over more than $6 million collectively. These individuals reported being promised weekly gains of about two to 10 per cent on foreign exchange and, in some cases, cryptocurrency trades.
Investor Luciano Valerio testified earlier in the proceedings that he borrowed $150,000 from a line of credit in 2022 to invest with Pleterski. Valerio stated that he trusted the defendant because he knew his family, yet ultimately lost his investment. Bankruptcy trustee Grant Thornton reported that Pleterski invested less than two percent of the collected funds while purchasing 11 high-end cars and spending about $45,000 a month on a waterfront rental in Burlington, Ont.
| Expense Category | Amount Allocated |
|---|---|
| Luxury Vehicles | $5.6 million |
| Credit Card Bills | $4.9 million |
| Transfers to Parents | $3.7 million |
| Travel and Private Jets | $870,000 |
| Security Services | $598,000 |
Contested Account Balances and Legal Defense Shift
Court exhibits included a screenshot of an FXChoice account balance showing more than $311 million in the spring of 2022, which Pleterski had shared with investors. Investor Mitchell Learning testified that he later gained access to Pleterski’s email account, discovered the account had been closed, and testified that Pleterski confessed to him that he’d lost investor funds and started using new money from investors to make payouts to others. When questioned by the Crown regarding the authenticity of the $311 million balance, Ciorma replied, “No, just what we’ve seen today.”
Pleterski initially chose to represent himself against the charges, which were part of Project Swan, an investigation by Durham Regional Police and the Ontario Securities Commission. However, as of October 8, he has decided to seek legal counsel for the remainder of the trial. The trial is scheduled to resume on Monday with continued testimony from the forensic accountant.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
