Trial opens for 'Crypto King' Aiden Pleterski, accused of multimillion-dollar fraud

Aiden Pleterski, 27, pleaded not guilty Tuesday as his fraud trial opened in Ontario Superior Court in Toronto. The Crown alleges he guaranteed investors returns on cryptocurrency and foreign-exchange trading from July 2020 to July 2022, then never actually invested their money and spent it on a lavish lifestyle instead.

Crown prosecutor Scott Patterson told the court that Pleterski used investor funds for exotic cars, private jet flights and lavish shopping, racking up credit card bills that ran into the millions. The Crown plans to call approximately 15 witnesses, mostly investors, along with a forensic accountant and police.

Luciano Valerio, a realtor, testified Tuesday that he invested $150,000 from his line of credit in 2022 after being assured his money would be protected. He knew Pleterski's parents and believed he was working with the family. "I was assured by him that my initial investment would be protected because I knew his parents, was working with his parents — I'd be treated like family," Valerio said in court. He received nothing back.

Valerio's first investment was $50,000 through AP Private Equity Limited in January 2022. A spreadsheet shown to him claimed a return of just under $89,800 by mid-April, with weekly gains of five per cent. He gave Pleterski an additional $100,000 in early April. Valerio said the emotional toll was significant: "It impacted the relationship with my wife. It hasn't been easy."

Pleterski lived with his parents until June 2020 and relied on COVID-19 benefits as his sole income until summer of that year. He began soliciting investments shortly after. Valerio knew him from previous work at a car rental company and had heard about his investment success through Pleterski's parents.