‘Crypto King’ Aiden Pleterski’s fraud trial adjourned until next week due to medical issue

Self-described ‘Crypto King’ Aiden Pleterski’s fraud and money laundering trial is adjourned until next week due to a medical issue. 

The Crown was supposed to call its last witness Tuesday, but now that investor is expected to take the witness box when the case resumes on Monday in Toronto.

Ontario Superior Court Justice Shaun Nakatsuru explained to the jury the delay is a result of a “not super serious” health issue that involves one of the participants in the trial.

Ontario Superior Court Justice Shaun Nakatsuru is presiding over the trial of self-described ‘Crypto King’ Aiden Pleterski. (Pam Davies/CBC)

“Certain medical treatments are required and they’re required sooner rather than later,” said Nakatsuru. 

“I want to express our collective gratitude for your patience and your paying close attention to the evidence, because I can just tell you are.”

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Pleterski, who is representing himself at trial, has pleaded not guilty to fraud over $5,000 and money laundering. So far, the 27-year-old has only cross-examined the first of 13 witnesses who’ve testified for the prosecution. 

All but two of those witnesses were investors who testified to giving Pleterski more than $6 million collectively. They all shared similar stories of providing Pleterski funds to trade in foreign exchange, and in some cases cryptocurrency, with weekly gains of about two to 10 per cent. They received texts from Pleterski updating them on these returns. 

Most of them said they never got any of their money back.

‘Crypto King’ bank records show he spent nearly half of investors’ $36.3M on himself

Since the start of Pleterski’s trial two weeks ago, the Crown has alleged that he guaranteed the money his investors gave him for trading, but never actually invested the funds, instead spending the money on himself. Last Friday, the court was presented with the first detailed evidence in support of that aspect of the prosecution’s case. 

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A senior forensic accountant, who reviewed Pleterski’s financial records, testified that investors provided Pleterski with more than $36.3 million and none of those funds were ever sent to the trading platform investor contracts said Pleterski would use on their behalf.

Instead, Albert Ciorma from the Ontario Securities Commission (OSC) said his forensic 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. Pleterski also gave nearly $3.7 million to his parents and took $609,000 in cash advances from a credit card, Ciorma said.

Altogether, those expenses total more than $16.3 million. 

Pleterski also paid out another $16.1 million to investors from the funds he received, according to Ciorma.

After the Crown’s last witness testifies next week, Pleterski will have the opportunity to call witnesses and testify himself, if he so chooses.