Canadian authorities have arrested social media influencer and self-proclaimed "crypto king" Aiden Pleterski on charges of fraud over $5,000 Canadian dollars (approximately $3,666 USD) and money laundering. The Ontario Securities Commission (OSC) and the Durham Regional Police Service made the announcement, also revealing charges against his associate, Colin Murphy.

Pleterski was taken into custody on May 14 and released the same day on a $100,000 bail provided by his parents. Colin Murphy, accused of soliciting investments under false pretenses and promising large weekly profits through supposedly savvy investments, was also released with a court appearance pending.

Fraud involving amounts over $5,000 CAD can result in up to 14 years of imprisonment. During a press conference on May 16, officials from the OSC and Durham Regional Police Service declined to disclose specific financial details due to a publication ban. They did, however, confirm that Pleterski's fraudulent activities possibly extended through February 2024.

The investigation into Pleterski and his company, AP Private Equity, began in July 2022 following numerous complaints. According to Durham Police Chief Peter Moreira, the investigation was exhaustive, involving over 40 court orders and a meticulous analysis of financial documents that spanned 18 months.

In August 2022, Pleterski and his company were declared bankrupt. A bankruptcy trustee discovered that Pleterski had raised $41.5 million CAD, of which only 1.6% was invested. The remaining funds were spent on luxurious personal items, including a Lamborghini, two McLarens, two BMWs, mansion rentals, and private jet hires.

Despite the bankruptcy and legal troubles, Pleterski continued to live extravagantly. He even claimed to have been kidnapped and tortured by an investor and his associates in December 2022, a claim that led to five arrests in Toronto by July 2023.

The scandal surrounding Aiden Pleterski serves as a stark reminder of the risks associated with unregulated investments and the importance of thorough financial oversight.