Two
Canadian
men
have
been
arrested
and
charged
with
fraud
for
allegedly
swindling
investors
out
of
$40
million
CAD
–
approximately
$30
million
USD
–i
n
a
crypto
and
foreign
exchange
investment
scheme.
Self-proclaimed
“Crypto
King”
Aiden
Pleterski,
25,
was
charged
with
fraud
and
money
laundering
for
his
role
in
the
alleged
Ponzi
scheme.
His
associate,
27-year-old
Colin
Murphy,
was
charged
with
fraud,
the
Ontario
Securities
Commission
announced
Wednesday.
The
criminal
charges,
which
are
the
result
of
a
16-month
investigation
Canadian
authorities
are
calling
Project
Swan,
come
amid
an
ongoing
bankruptcy
case
tied
to
the
alleged
scheme
that
has
been
the
subject
of
much
media
attention
in
Canada.
According
to
court
documents
and
local
media
reports,
between
2021
and
2022,
approximately
160
investors
gave
Pleterski
and
his
company,
AP
Private
Equity
Limited,
around
$40
million
in
Canadian
dollars
($30
million
USD)
to
invest
on
their
behalf
in
the
crypto
and
foreign
exchange
markets.
Some
of
those
investors,
according
to
reports,
took
out
loans
to
invest
with
Pleterski.
The
trustee
overseeing
the
bankruptcy
case
concluded
that
Pleterski
only
invested
2%
of
the
money
he
was
given,
and
spent
at
least
$16
million
on
himself
–
buying
over
10
luxury
cars,
traveling
internationally,
and
renting
a
$8.4
million
lakefront
mansion
for
$45,000
per
month.
Two
McLarens,
two
BMWs
and
a
Lamborghini
were
seized
during
the
bankruptcy
process.
Pleterski,
who
is
also
a
small-time
livestreamer,
posted
videos
of
his
escapades
–
including
numerous
vacations
to
places
like
Los
Angeles,
London
and
Miami,
driving
rented
Lamborghinis
and
McLarens,
and
detailing
his
expenditures.
In
one
video,
in
which
Pleterski
filmed
himself
assembling
a
Lego
model
of
the
Titanic,
he
estimated
that
he’d
spent
$150,000
on
Legos
since
2021.
During
the
bankruptcy
process,
Pleterski
referred
to
himself
as
a
“20-something-year-old
kid”
and
told
creditors
that
he
was
unorganized
and
didn’t
keep
records
of
his
finances
or
payments,
according
to
a
report
from
CBC.
Alleged
kidnapping
In
December
2022,
Pleterski
was
allegedly
kidnapped,
beaten
and
tortured
by
five
victims
of
his
alleged
Ponzi
scheme.
According
to
reports,
Pleterski’s
alleged
abductors
held
him
for
three
days
and
subjected
him
to
torture
before
demanding
his
landlord-turned-mentor
pay
a
$3
million
ransom
for
his
release.
Pleterski
was
eventually
released,
but
a
12-minute
video
of
him,
appearing
swollen
and
bruised
while
apologizing
to
investors
–
which
his
lawyer
later
said
was
coerced
–
was
posted
to
social
media.
Four
of
the
alleged
perpetrators
have
been
arrested
and
charged
with
kidnapping.
Toronto-born
NBA
player
Shai
Gilgeous-Alexander
purchased
the
$8.4
million
lakefront
mansion
Pleterski
once
called
home,
but
filed
suit
against
the
seller
to
back
out
of
the
purchase
after
he
learned
of
its
connection
to
Pleterski.
According
to
reports,
Gilgeous-Alexander
and
his
girlfriend
received
a
“threatening
visit”
from
a
man
looking
for
Pleterski
and
subsequently
learned
that
there
had
been
threats
to
burn
down
the
home.
Next
steps
for
Pleterski
Pleterski
was
released
on
$100,000
bail
on
Tuesday,
signed
for
by
his
parents,
according
to
a
Wednesday
report
from
CBC.
Pleterski’s
bail
conditions
require
that
he
surrender
his
passport,
refrain
from
posting
anything
on
social
media
about
financial
matters,
and
not
buy
or
trade
crypto,
the
report
added.
The
Ontario
Securities
Commission
said
Wednesday
that
it
will
release
“further
information”
on
the
case
on
Thursday.