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Investors are monitoring the so-called ‘crypto king’s’ posts following the accusations
Former investors of the so-called “King of Crypto” say they monitor his social media accounts and fear his displays of wealth are signs he is spending their money, even now, when another major Aiden Pleterski-related expense has sparked a groundbreaking lawsuit.
In the hours following the police announcement fraud and money laundering charges against Pleterski last week, he posted videos of himself dancing and lip-syncing, without referring to the allegations against him that he ran a Ponzi scheme that defrauded investors out of more than $40 million.
While it’s hard to say when the videos were recorded, they appear to show Pleterski in the hallway of a home and not in the midst of lavish trips to Los Angeles, London or Miami, as he has posted since the civil lawsuits against him began, but are now prohibited by his bail conditions.
“If you have someone with that kind of means and that kind of opportunity, combined with their history of travel and good living, I can understand why the Crown would say, you know what? You’re grounded. Your wings are clipped. Stay home,” Vanessa Iafolla of Antifraud Intelligence Consulting said in an interview.
The 25-year-old from Whitby, Ont., was released on $100,000 bail with his parents signed as sureties and a residency order at their home. Other conditions prevent Pleterski from going to a bus station, train station, airport or border crossing.
“There’s a very clear subtext to these restrictions, basically not to spend money that doesn’t belong to you,” said Justin Villeneuve, a civil lawyer who is not involved in the case but is following it closely.
Bail conditions also prohibit him from using his online channels to sell investment products he once widely touted on social media and live-streaming channels – something police said they had evidence he was doing recently. like february.
Bankruptcy documents show he invested just 1.6% of investors’ money and spent $15.9 million on his “personal lifestyle,” showing photos of himself in private jets and videos of supercars parked outside a Burlington waterfront mansion he rented.
The mansion was one of the locations where Pleterski received a $16,283.11 supply of “toilet units” from Super Save Toilet Rentals, according to a lawsuit filed in December 2022.
“Super Save contracted with Pleterski to provide restroom rentals at multiple locations, including the premises,” the suit states, alleging Pleterski still owes $6,094.91.
“Despite the terms of the agreement and the notice provided by Super Save, Owner Pleterski, in violation of the agreement, failed to make payment of the required amount to Super Save,” the text reads.
It’s unclear what the rented toilets were used for. Photos show the Burlington mansion has luxurious bathrooms, and Super Save Toilet Rentals did not respond to CTV News’ questions. Pleterski has not filed a statement of defence.
Shortly after, Pleterski left the house and it was sold by its owner to Canadian basketball star Shai Gilgeous-Alexander and his partner Hailey Summers. But shortly after moving in, they were surprised to see people showing up at their house asking for information about Pleterski.
The couple moved out and filed a lawsuit, claiming the previous owner failed to disclose Pleterski’s involvement in the home and that a judge cancelled the sale.
In December 2023, Pleterski was allegedly kidnapped by a group of people allegedly including an investor. A video released at the time showed him apologizing, although his lawyer more recently said his statements were obtained under duress.
Pleterski’s criminal lawyers told CTV News that at this point they have no comment on the criminal allegations.
Attorney Michael Nowina, who represents a group of investors, said in an interview that it was “extremely gratifying” to see criminal charges filed against Pleterski last week.
“Mr. Pleterski was very brazen in some of the things he did during the bankruptcy process, and everyone was wondering, ‘Where did these funds come from?’
Creditors have received about $3.15 million so far, about $900,000 of which came from Pleterski’s parents, according to bankruptcy documents.
The trustee was cautious about accepting Pleterski’s online displays of wealth, saying that Pleterski had admitted that some assets were “not real… he had fabricated the appearance of being in possession of these digital assets,” although the trustee could not confirm this.
A discharge hearing for Pleterski’s bankruptcy will begin June 6.