Toronto fraud trial reveals Aiden Pleterski admitted $300 million fund was fictitious

A recording from June 2022 was played in Pleterski’s fraud trial, in which he admitted the $300 million fund he touted to investors was a fabrication. The 27-year-old, who calls himself the “Crypto King,” is defending himself against charges of fraud over $5,000 and money laundering. Retired Durham Regional Police officer Chris Winn, the last of 14 Crown witnesses, testified that he invested $450,000 and was only repaid $330,000, describing the operation as a Ponzi scheme.

Another investor, Mitchell Learning, provided evidence that Pleterski had deleted the purported FXChoice account and was using other investors’ money to cover losses. A senior forensic accountant for the Ontario Securities Commission testified that over $36 million from investors was spent on luxury cars, credit-card bills, travel, jets, security, and family transfers, while another $16.1 million was paid back to investors. The trial continues with further testimony expected from Pleterski and additional witnesses.