Canadian 'Crypto King' found guilty of fraud
Prosecutors had accused Pleterski of stealing tens of millions of dollars of investor funds to buy himself a range of luxuries.
Canadian 'Crypto King' found guilty of fraud
A Toronto jury has convicted self-styled "Crypto King" Aiden Pleterski of fraud after hearing evidence that he took millions of dollars from investors and used the money for private jets and other luxuries.
The jury reached its decision quickly on Thursday, finding the 27-year-old guilty on one count of fraud over C$5,000 ($3,600; £2,900) after only hours of deliberation.
During the trial, Crown prosecutors called more than a dozen witnesses, among them investors who said Pleterski had defrauded them, as well as accountants and financial experts who described his scheme.
Pleterski pleaded not guilty and defended himself at trial, cross-examining just one witness. He called no evidence and did not take the stand.
The Canadian was charged in May 2024 with one count each of fraud and money laundering after a 16-month joint investigation by Durham Regional Police and the Ontario Securities Commission.
The money laundering charge was later withdrawn.
At the time, Durham Regional Police Chief Peter Moreira said the case could be the biggest fraud ever seen in the region.
In Ontario's Superior Court, Crown prosecutors presented extensive evidence of Pleterski's extravagant spending of investor money, according to local media.
He is thought to have taken more than C$36m from investors and spent about half of it.
They said he used money sent to his company AP Private Equity Limited to pay for multiple private jet trips and to spend about C$5.6m on luxury vehicles.
Prosecutors also said he used the funds to pay C$45,000 a month for a lakefront mansion in Burlington, Ontario, while accumulating C$4.9m in credit card debt.
Bankruptcy proceedings showed that Pleterski also bought a McLaren and BMW for his parents - who had given him C$50,000 as a crypto investment - as well as a Louis Vuitton bag, Burberry coat and a 2017 Bentley Bentayga.
In closing arguments on Wednesday, Crown prosecutor Akshay Aurora said that "Pleterski was no 'Crypto King'".
"He was a thief. A thief who stole investor money and used it as he pleased," Aurora told the jury, according to CBC News.
Pleterski's downfall came before his May 2024 arrest.
In December 2022, he was kidnapped in the middle of the night in downtown Toronto, and his captors demanded a large sum for his release.
"I'm sorry, I really am, I didn't want to or mean to ruin anyone's life," a bruised and bloodied Pleterski said in a video obtained by CBC News.
He was freed three days later after being tortured, including through waterboarding, cigarette burns and beatings with golf clubs.
He is due back in court on 13 November for a sentencing hearing.