Key Takeaways
- • A forensic accountant for the Ontario Securities Commission, Albert Ciorma, testified at the fraud and money laundering trial of Aiden Pleterski that none of the $16 million flowing through his accounts from 2020 to 2022 went directly to FX Choice in Belize, the platform he told investors was receiving their money.
- • Ciorma found roughly $5 million paid toward credit cards, $5.6 million for exotic cars, $3.7 million to Pleterski's parents, $870,000 for private jet travel and about $600,000 for private security.
- • Only about $114,000 in payments could be traced to crypto accounts, according to the testimony reported by the Toronto Sun.
- • Pleterski, 27, has pleaded not guilty to fraud and money laundering; the Crown alleges he used investor deposits to fund a lavish lifestyle and paid earlier investors from later deposits in an alleged Ponzi scheme.
- • Pleterski was kidnapped and tortured in December 2022, and co-accused Deren Akyeam-Pong pleaded guilty last fall to nine charges, with three others due to stand trial later this year.
Summary
Testimony at the fraud and money laundering trial of Aiden Pleterski, a self-described 'Crypto King' from Whitby, Ontario, delivered a damaging assessment of how investor funds moved through his accounts. Albert Ciorma, senior forensic accountant for the Ontario Securities Commission, told the court that of $16 million that flowed through Pleterski's accounts between 2020 and 2022, there was no direct payment to FX Choice, the Belize-based firm Pleterski had told investors was receiving their money. Under questioning from Crown attorney Scott Patterson, Ciorma said none of the funds went to FX Choice or to Belize.
According to Ciorma's analysis as reported by the Toronto Sun, almost $5 million went to pay Pleterski's credit cards, $5.6 million was spent on exotic cars, $3.7 million went to his parents in Whitby, $870,000 paid for private jet travel and about $600,000 went to private security. Ciorma traced payments to crypto accounts totaling only about $114,000. Credit card records showed spending including $50,000 at a Las Vegas hotel, $84,000 for a Miami house rental and $65,000 at Cartier Jewellers.
Witnesses have testified that Pleterski promised weekly gains of at least 5% through investments in foreign exchange, gold and cryptocurrency, and that investors could withdraw funds at any time. Most, however, saw little or none of their money returned. The Crown alleges that when some investors withdrew part of their purported gains, Pleterski was paying them from deposits made by other clients. Ciorma also noted that Pleterski's account held $405 in 2020, after which hundreds of thousands of dollars in investor deposits arrived, followed by a $185,000 lease on a 2017 McLaren and a $78,000 purchase of a 2019 Range Rover.
Pleterski was kidnapped on December 5, 2022, during a meeting he believed was with a potential investor, and was held for three days. In a victim impact statement reported in the Toronto Sun, he said the experience had changed how he views the world and had led to significant financial difficulties. Deren Akyeam-Pong pleaded guilty last fall to nine charges including kidnapping and assault, and three others are scheduled for trial later this year. Pleterski's own trial continues.
According to Ciorma's analysis as reported by the Toronto Sun, almost $5 million went to pay Pleterski's credit cards, $5.6 million was spent on exotic cars, $3.7 million went to his parents in Whitby, $870,000 paid for private jet travel and about $600,000 went to private security. Ciorma traced payments to crypto accounts totaling only about $114,000. Credit card records showed spending including $50,000 at a Las Vegas hotel, $84,000 for a Miami house rental and $65,000 at Cartier Jewellers.
Witnesses have testified that Pleterski promised weekly gains of at least 5% through investments in foreign exchange, gold and cryptocurrency, and that investors could withdraw funds at any time. Most, however, saw little or none of their money returned. The Crown alleges that when some investors withdrew part of their purported gains, Pleterski was paying them from deposits made by other clients. Ciorma also noted that Pleterski's account held $405 in 2020, after which hundreds of thousands of dollars in investor deposits arrived, followed by a $185,000 lease on a 2017 McLaren and a $78,000 purchase of a 2019 Range Rover.
Pleterski was kidnapped on December 5, 2022, during a meeting he believed was with a potential investor, and was held for three days. In a victim impact statement reported in the Toronto Sun, he said the experience had changed how he views the world and had led to significant financial difficulties. Deren Akyeam-Pong pleaded guilty last fall to nine charges including kidnapping and assault, and three others are scheduled for trial later this year. Pleterski's own trial continues.
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