$2 million in assets seized from 23-year-old who allegedly defrauded investors

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$2 million in assets seized from 23-year-old who allegedly defrauded investors

Aiden Pleterski – a 23-year-old Canadian trader and self-proclaimed “Crypto King” – is being sued after he allegedly failed to return at least $35 million to his investors.

Authorities have already seized $2 million in assets from the Ontarian, including two McLarens, two BMWs and a Lamborghini.

Crypto Trader or Fraudster?

Pleterski ran a business called AP Private Equity Limited, through which he promised to generate high returns for investors through well-timed crypto and Forex trades.

As covered by Radio Canada, creditors like Diane Moore invested $60,000 she once set aside for her grandchildren’s education. His deal with Pleterski included a promise of 70% of any capital gains produced by the trader and a full return of his initial investment if things went wrong. The contract promised around 10-20% returns every two weeks.

However, only $10,000 remains of this initial investment.

“It was all about trust,” Moore said. “What Aiden did, I think, is horrible – and I don’t know how he can live with himself.”

Moore now doubts whether Pleterski was ever a trader to begin with, or whether he deliberately robbed people through his investment plan. She is now one of 29 creditors involved in bankruptcy proceedings against Pleterski, claiming they owe $13 million.

Another investor who claims to have lost $4.5 million has obtained a Mareva injunction against the so-called “Crypto King”. This means Pleterski’s assets and bank accounts are now frozen worldwide.

Norman Groot, the founder of the fraud recovery law firm investigating the merchant, obtained information from about 140 affected investors. He discovered that Pleterski led a luxurious life: 11 vehicles, a private jet and a lakeside mansion in Burlington, Ontario, rented for $45,000 a month.

“This guy had a high drinking rate, but that doesn’t take into account how much money is missing,” Groot told CBC Toronto.

Groot said locating the remaining funds could prove difficult because Pleterski received many of his investments in cash.

Groot added that much of the funds were provided to Pleterski as greed and excitement brewed during a rallying crypto market.

Since the bear market kicked in, crypto lenders have been promising high returns, including Celsius and Traveler went bankrupt.

Exaggerated claims?

Pleterski’s lawyer told Micheal Simaan CBC that creditors’ claims against the trader had been “grossly exaggerated”.

Per his account, the trader started investing in crypto as a teenager, and people started giving him money once they found out how much he was earning. However, he never solicited funds from others.

“Amazingly, it seems like no one cared what would happen if the cryptocurrency market crashed or if Aiden, as a very young man, was qualified to handle these types of investments,” he said. Simaan writes.

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