A Toronto jury found self-described “Crypto King” Aiden Pleterski guilty of fraud, after hearing evidence he stole millions of dollars of investor money and spent it on private jets and other luxuries.
The jury quickly reached its verdict on Thursday, convicting the 27-year-old with one count of fraud over C$5,000 ($3,600; £2,900), after just hours of deliberation.
Throughout trial, Crown prosecutors called over a dozen witnesses, including investors whom Pleterski had cheated, and accountants and financial experts who testified on his scheme.
Pleterski pleaded not guilty and represented himself at his trial, cross-examining only one witness. He presented no evidence and did not testify.
The Canadian man was charged in May 2024 with one count each of fraud and money laundering following a 16-month joint investigation between Durham Regional Police and the Ontario Securities Commission.
The laundering charge was later dropped.
At the time, Durham Regional Police Chief Peter Moreira said it was potentially the biggest-ever fraud case in the region.
During Pleterski’s trial in Ontario’s Superior Court, Crown prosecutors presented ample evidence of his lavish spending using investor funds, according to local media.
He is believed to have taken more than C$36m from investors, and spent about half.
They said he used the money sent to his company AP Private Equity Limited to buy multiple trips on private jets and spend about C$5.6m on luxury vehicles.
Prosecutors also said he used the money to spend C$45,000 a month on a lakefront mansion in Burlington, Ontario, while racking up C$4.9m in credit card bills.
Bankruptcy proceedings had shown Pleterski also bought a McLaren and BMW for his parents – who had given him C$50,000 as a crypto investment – along with a Louis Vuitton bag, Burberry coat and a 2017 Bentley Bentayga.
Crown prosecutor Akshay Aurora said during closing arguments on Wednesday 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.
Things came crashing down for Pleterski ahead of his May 2024 arrest.
In December 2022, he was kidnapped in the middle of the night in downtown Toronto, with his captors demanding 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 released three days later, after being tortured, including with waterboarding, cigarette burns and beatings with golf clubs.
He returns to court on 13 November for a sentencing hearing.
By BBC News
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