Key Takeaways
- • Aiden Pleterski, a self-described "Crypto King," addressed the jury in his Toronto fraud trial at Ontario Superior Court, stating "I am innocent of these charges" in a brief closing statement, per CBC.
- • Crown prosecutor Akshay Aurora alleged investors provided Pleterski more than $36.3 million, none of which was sent to the FXChoice trading platform, according to forensic accountant Albert Ciorma of the Ontario Securities Commission.
- • Ciorma's audit tallied more than $16.3 million in expenses, including about $5.6 million on luxury vehicles, $4.9 million on credit card bills, $870,000 on travel and private jets, and $598,000 on security.
- • Pleterski represented himself, cross-examined only the first of 14 Crown witnesses, and presented no defence evidence; the Crown dropped a money laundering charge at the close of its case.
- • Justice Shaun Nakatsuru will finish instructing the jury Thursday, after which deliberations begin on a fraud-over-$5,000 charge.
Summary
Aiden Pleterski, self-described as the "Crypto King," addressed the jury for the first time at his fraud trial in Ontario Superior Court in Toronto, according to CBC. In a brief closing statement on Wednesday morning, the 27-year-old said, "I am the least qualified person here to give a closing statement," before adding that he was innocent and had been forced to represent himself. Pleterski did not call evidence in his defence and did not testify. He cross-examined only the first of 14 witnesses called by the Crown.
Crown prosecutor Akshay Aurora delivered a roughly 90-minute closing argument characterizing Pleterski as "a thief" who used investor money "as if it was his own." Aurora said none of the investors' funds went into the FXChoice trading platform under their contracts. Instead, the funds were used to repay other investors, buy cars, fly on private jets and pay credit card bills. Forensic accountant Albert Ciorma of the Ontario Securities Commission testified that investors provided more than $36.3 million, and that Pleterski spent roughly $16.3 million on expenses while paying out another $16.1 million to investors.
The trial also heard about a purported $311 million fund in an FXChoice account. Testimony and an audio recording of a meeting with investors included Pleterski admitting the fund never existed, and an email account showing the account had been deleted. Aurora told the jury the account never held anywhere near $300 million, with a highest balance of $12,000, and that Pleterski "controlled everything" and was "the architect" of the scheme. Aurora said the alleged fraud ran from July 2020 to July 2022.
The Crown dropped a money laundering charge at the end of its case. Pleterski faces a fraud-over-$5,000 charge stemming from a police investigation that began in May 2024. Justice Shaun Nakatsuru gave most of his jury instructions on Wednesday and will complete them Thursday morning, after which deliberations will begin.
Crown prosecutor Akshay Aurora delivered a roughly 90-minute closing argument characterizing Pleterski as "a thief" who used investor money "as if it was his own." Aurora said none of the investors' funds went into the FXChoice trading platform under their contracts. Instead, the funds were used to repay other investors, buy cars, fly on private jets and pay credit card bills. Forensic accountant Albert Ciorma of the Ontario Securities Commission testified that investors provided more than $36.3 million, and that Pleterski spent roughly $16.3 million on expenses while paying out another $16.1 million to investors.
The trial also heard about a purported $311 million fund in an FXChoice account. Testimony and an audio recording of a meeting with investors included Pleterski admitting the fund never existed, and an email account showing the account had been deleted. Aurora told the jury the account never held anywhere near $300 million, with a highest balance of $12,000, and that Pleterski "controlled everything" and was "the architect" of the scheme. Aurora said the alleged fraud ran from July 2020 to July 2022.
The Crown dropped a money laundering charge at the end of its case. Pleterski faces a fraud-over-$5,000 charge stemming from a police investigation that began in May 2024. Justice Shaun Nakatsuru gave most of his jury instructions on Wednesday and will complete them Thursday morning, after which deliberations will begin.
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