Key Takeaways
- • The fraud and money laundering trial of self-described 'Crypto King' Aiden Pleterski in Toronto has been adjourned until the following Monday due to a medical issue involving one of the trial participants, according to Ontario Superior Court Justice Shaun Nakatsuru.
- • Prosecutors were expected to call their last witness on Tuesday; that witness, an investor, is now expected to testify when proceedings resume on Monday.
- • A forensic audit presented by Albert Ciorma of the Ontario Securities Commission found Pleterski spent more than $16.3 million of investor funds on personal expenses, including $5.6 million on luxury vehicles and $4.9 million on credit card bills.
- • Investors testified they provided more than $6 million collectively, and a forensic accountant testified that investors provided more than $36.3 million in total, none of which was sent to the trading platform named in investor contracts.
- • Pleterski, 27, is representing himself and has pleaded not guilty to fraud over $5,000 and money laundering.
Summary
The fraud and money laundering trial of self-described 'Crypto King' Aiden Pleterski has been adjourned until next week after a medical issue arose involving one of the participants, according to CBC Toronto. Ontario Superior Court Justice Shaun Nakatsuru told the jury the delay stems from a "not super serious" health issue and said that certain medical treatments are required sooner rather than later. The Crown had been expected to call its last witness on Tuesday; that investor is now expected to testify when the case resumes on Monday in Toronto.
Pleterski, who is representing himself, has pleaded not guilty to fraud over $5,000 and money laundering. To date, he has cross-examined only the first of 13 prosecution witnesses. All but two of those witnesses were investors who testified to providing Pleterski with more than $6 million collectively to trade in foreign exchange and, in some cases, cryptocurrency. They described weekly returns of roughly two to 10 per cent, supported by texts from Pleterski updating them on gains, and most said they never recovered their money.
Testimony from a senior forensic accountant, Albert Ciorma of the Ontario Securities Commission, provided the first detailed evidence supporting the Crown's allegation that Pleterski guaranteed investor funds but never invested them. Ciorma testified that investors provided more than $36.3 million, none of which was sent to the trading platform named in investor contracts. His audit found Pleterski spent 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, and gave nearly $3.7 million to his parents. He also took $609,000 in credit card cash advances. Those expenses total more than $16.3 million. Ciorma said Pleterski paid another $16.1 million to investors from the funds he received.
After the Crown's final witness testifies, Pleterski may call witnesses and testify himself.
Pleterski, who is representing himself, has pleaded not guilty to fraud over $5,000 and money laundering. To date, he has cross-examined only the first of 13 prosecution witnesses. All but two of those witnesses were investors who testified to providing Pleterski with more than $6 million collectively to trade in foreign exchange and, in some cases, cryptocurrency. They described weekly returns of roughly two to 10 per cent, supported by texts from Pleterski updating them on gains, and most said they never recovered their money.
Testimony from a senior forensic accountant, Albert Ciorma of the Ontario Securities Commission, provided the first detailed evidence supporting the Crown's allegation that Pleterski guaranteed investor funds but never invested them. Ciorma testified that investors provided more than $36.3 million, none of which was sent to the trading platform named in investor contracts. His audit found Pleterski spent 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, and gave nearly $3.7 million to his parents. He also took $609,000 in credit card cash advances. Those expenses total more than $16.3 million. Ciorma said Pleterski paid another $16.1 million to investors from the funds he received.
After the Crown's final witness testifies, Pleterski may call witnesses and testify himself.
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