‘Crypto King’ dethroned by probe of alleged multi-million-dollar fraud

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The self-proclaimed “Crypto King” has been dethroned.

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Durham Regional Police and the Ontario Securities Commission announced at a news conference in Whitby on Thursday that Aiden Pleterski, 25, his company AP Private Equity, and an associate have been charged following a 16-month investigation into an alleged multi-million-dollar Ponzi scheme.

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During the investigation – dubbed Project Swan – police issued more than 40 court orders and sifted through thousands of financial documents.

Durham Regional Police Chief Peter Moreira and Stephen Henkel, a senior investigator with of the OSC, revealed Pleterski, of Whitby, was arrested on May 14 and his associate Colin Murphy, 27, of Oshawa, was arrested on May 10.

“It is believed to be the largest fraud investigation in this region,” Moreira said, alleging Pleterski “claimed to be an extremely profitable investor in foreign exchange and crypto currency.”

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And he actually referred to himself as the “Crypto King.”

Moreira said its alleged Pleterski solicited funds from investors by “promising massive profits” while also “guaranteeing no loss of the original money” they put up.

The ongoing investigation, which began in July 2022 and stretches across several Ontario jurisdictions, includes Toronto Police, York Regional Police, Halton Regional Police, OPP, Canada Border Services Agency and U.S. Homeland Security.

However, cops refused to divulge much information related to the investigation, repeatedly stating there is a court-ordered “publication ban” on details of the case.

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“Investors became concerned when they could not access money held by Pleterski,” Moreira alleged, explaining those investors then “came forward to police.”

Both of the accused have been charged with fraud over $5,000 while Pleterski is also charged with laundering the proceeds of crime.

If convicted, the maximum jail sentence for fraud over is 14 years.

Henkel alleged neither of the accused were “registered with the OSC in any capacity.”

“This means they are not permitted to engage in the business of trading securities or providing investment advice,” he said.

Henkel and DRPS investigators believe that potential investors have been solicited by Pleterski as recently as February of this year.

Pleterski reportedly lived a lavish lifestyle that included extravagant trips, exotic vehicles, private jets and a waterfront mansion in Burlington that he rented for $45,000 a month.

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It’s alleged he blew millions of dollars of investors’ money.

Pleterski filed of bankruptcy in 2022 and had his passport seized when he was released on $100,000 bail and ordered to reside with his parents Dragan and Kathy in Whitby.

Financial Crimes Unit Det. David Jack claimed “a lot of lives have been devastated by this.”

On Dec. 5, 2022, Pleterski was kidnapped and held for three days with his captors allegedly asking for $3 million for his safe release.

As of July 2023, five people had been charged in the abduction, including one person who allegedly invested and lost $740,000.

Documents from Pleterski’s Toronto-based bankruptcy proceedings in 2022 alleged some 160 investors gave the young crypto trader $41.5 million. But Pleterski allegedly invested less than 2% of those funds, and only about $3 million had reportedly been recovered at that time.

It’s alleged Pleterski spent nearly $16 million on exotic vehicles such as McLarens and Lamborghinis, flashy designer watches, private jets and luxurious vacations, according to the bankruptcy proceedings.

Through his lawyer, Pleterski has previously claimed some of the financial claims against him are “wildly exaggerated.”

He has also claimed bad trades and margin calls account for massive losses at the end of 2021, but no trade transactions had been put forward to back that up.

– With files from Chris Doucette

jboland@postmedia.com

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