TLDR
- Aiden Pleterski, who called himself the “Crypto King,” declared his innocence before a Toronto jury for the first time during his fraud trial.
- Crown prosecutors described Pleterski as “a thief” who diverted investor funds to support an extravagant lifestyle.
- Forensic analysis revealed that investors transferred more than $36.3 million to Pleterski, with no funds reaching the promised FXChoice trading platform.
- Court proceedings included an audio recording in which Pleterski confessed that a purported $311 million investment fund was fictional.
- Following final judicial instructions on Thursday, the jury will commence deliberations to determine Pleterski’s fate.
The self-styled “Crypto King” Aiden Pleterski declared his innocence before a Toronto jury on Wednesday during his fraud trial at Ontario Superior Court. This marked the first occasion during the proceedings that he directly addressed the jurors.
“I am innocent of these charges,” Pleterski stated. “That is why I pled not guilty. Had I not been forced to represent myself, that would have been proven.”
The 27-year-old defendant is facing one count of fraud exceeding $5,000. Crown prosecutors withdrew a secondary money laundering charge when they concluded their case.
A guilty verdict could result in Pleterski receiving a maximum sentence of 14 years imprisonment. Authorities laid charges against him in May 2024 following an extensive police investigation.
Pleterski represented himself at trial. He only cross-examined the first witness among 14 presented by the Crown and declined to testify or present any defense evidence.
Crown Calls Pleterski “a Thief”
Crown prosecutor Akshay Aurora delivered closing arguments spanning approximately 90 minutes before Pleterski made his statement. “Mr. Pleterski was no ‘Crypto King,'” Aurora declared. “He was a thief.”
Aurora informed the jury that contrary to promises made to investors, none of their money was deposited into the FXChoice trading platform. Instead, Aurora argued, Pleterski diverted these funds to reimburse other investors, purchase luxury automobiles, charter private aircraft, and settle credit card debts.
Albert Ciorma, a forensic accountant employed by the Ontario Securities Commission, provided earlier testimony indicating that investors transferred more than $36.3 million to Pleterski. His comprehensive audit determined that no portion of these funds reached FXChoice.
According to Ciorma’s findings, Pleterski allocated approximately $5.6 million toward luxury vehicles, $4.9 million for credit card payments, $870,000 for travel and private jet services, and $598,000 for security services. Additionally, he transferred nearly $3.7 million to his parents.
Collectively, these expenditures totaled more than $16.3 million. Pleterski also distributed roughly $16.1 million back to investors using funds he had collected from others.
The $311 Million Fund That Never Existed
The Crown presented evidence showing that Pleterski’s personal trading activities between July 2020 and July 2022 generated only losses. Aurora noted that merely $4,000 entered his accounts from any cryptocurrency or foreign exchange sources.
Jurors learned about a purported $311 million fund that Pleterski displayed to concerned investors through screenshots and video footage during spring 2022. An audio recording presented in court captured Pleterski acknowledging that this fund was completely fabricated.
“At no point, no point in the history of this account, was there $300 million, not even close,” Aurora emphasized. “The highest this account was at was at $12,000.”
In one documented case, investor Sacha Singh entrusted Pleterski with $1.3 million. Singh subsequently received $700,000 returned to him—his own funds recycled from the same account.
In an unrelated criminal matter, five individuals face charges for allegedly kidnapping and torturing Pleterski in 2022. One defendant, Deren Akyeam-Pong, entered guilty pleas to nine charges and awaits sentencing.
Justice Shaun Nakatsuru provided the majority of his jury instructions on Wednesday. He indicated he would complete his directions Thursday morning, after which deliberations will begin.
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