Aiden Pleterski, a Canadian who introduced himself as the “Crypto King,” addressed a Toronto jury on Wednesday to assert his innocence of fraud charges. This marked the first time Pleterski personally spoke to the jury during his ongoing trial at the Ontario Superior Court of Justice.
Pleterski Faces Serious Accusations
The 27-year-old is charged with one count of fraud exceeding $5,000, after a police investigation led to his arrest in May 2024. The prosecutor withdrew a separate charge of money laundering earlier in the proceedings.
Should the jury return a guilty verdict, Pleterski could receive a prison sentence of up to 14 years under Canadian law.
Throughout the trial, Pleterski represented himself, cross-examining only one of the 14 Crown witnesses. He chose not to testify or present any additional evidence in his defense.
Pleterski told the jury he was innocent and maintained that his self-representation affected his ability to prove this.
Prosecutor Labels Pleterski a “Thief”
During closing arguments, Crown prosecutor Akshay Aurora described Pleterski as “no ‘Crypto King.'” Instead, Aurora called him a thief who deceived investors and misused their money.
Aurora claimed that, contrary to his promises, Pleterski channeled none of the investor funds into the FXChoice trading platform. According to the Crown, instead of legitimate investments, Pleterski spent the money on luxury vehicles, private jet travel, credit card payments, and personal expenses.
Albert Ciorma, a forensic accountant from the Ontario Securities Commission, testified that investors transferred over $36.3 million to Pleterski. Analysis revealed that none of this money reached FXChoice.
Ciorma’s audit indicated the following expenditures: $5.6 million on high-end cars, $4.9 million on credit card debts, $870,000 on travel and private jets, $598,000 for security, and $3.7 million given to Pleterski’s parents.
Combined, these personal expenses surpassed $16.3 million. Another $16.1 million from investor deposits was reportedly paid out to other investors, resembling a Ponzi-style structure.
Mini dictionary: FXChoice is an international trading platform that facilitates access to global financial markets, including forex and cryptocurrency trading. In this context, investor funds were supposed to be deposited in accounts on FXChoice for legitimate trading activities.
| Category | Amount Spent (CAD) |
|---|---|
| Luxury vehicles | $5.6 million |
| Credit card payments | $4.9 million |
| Travel and private jets | $870,000 |
| Security | $598,000 |
| Funds to parents | $3.7 million |
| Paid to other investors | $16.1 million |
| Total investor deposits | $36.3 million |
Disputed Multi-Million Dollar Fund
The court heard that Pleterski told investors he managed a $311 million fund, backing his claim with screenshots and video footage in spring 2022. However, jurors listened to an audio recording in which Pleterski admitted this fund never existed.
Prosecutor Aurora asserted that the highest balance on the account was only $12,000, never approaching $300 million. He emphasized that most of Pleterski’s personal trading recorded losses.
For instance, one investor, Sacha Singh, handed over $1.3 million to Pleterski but was later repaid $700,000 of his own funds from the same pool.
In a separate incident, five individuals were charged with kidnapping and torturing Pleterski in 2022. One accused, Deren Akyeam-Pong, pleaded guilty to several charges and is awaiting sentencing.
Justice Shaun Nakatsuru delivered instructions to the jury on Wednesday, with deliberations expected to begin following his final remarks on Thursday morning.
