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

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