Skip to content

Self-proclaimed 'crypto king' arrested for fraud: Durham police

A Durham Regional Police officer's logo emblem is shown in Bowmanville, Ont. on Tuesday Feb. 28, 2023. Durham Regional police say they have arrested self-styled 'Crypto King' Aiden Pleterski for fraud after he faced allegations of running a $40-million Ponzi scheme.THE CANADIAN PRESS/Doug Ives

Police in the Greater Toronto Area say they've arrested and charged a man who called himself the "crypto king" after an investigation into an alleged investment fraud involving millions of dollars.

Durham Regional Police say 25-year-old Aiden Pleterski has been charged with fraud over $5,000 and laundering proceeds of crime.

Police say they began receiving complaints in July 2022 about an investment fraud promising large weekly profits through "savvy investments."

They allege Pleterski, of Whitby, Ont., and a 27-year-old associate, were involved in the scheme.

Bankruptcy filings show Pleterski allegedly received $41.5 million from investors but only invested 1.6 per cent of the funds, instead spending $15.9 million on exotic vehicles, private jet rentals and other luxuries and paying out a similar amount back to investors to simulate returns. 

The trustee report said about $431,000 had been recovered from his bank accounts. 

Durham police and the Ontario Securities Commission say more details will be released at a news conference Thursday. 

This report by The Canadian Press was first published May 15, 2024.

The Canadian Press

Looking for National Business News? viewed on a mobile phone

Check out Village Report - the news that matters most to Canada, updated throughout the day.  Or, subscribe to Village Report's free daily newsletter: a compilation of the news you need to know, sent to your inbox at 6AM.