Witnesses told an Ontario court they entrusted hundreds of thousands of dollars to self-proclaimed “Crypto King” Aiden Pleterski after he promised substantial investment returns and assured them their money was protected.

The fraud trial of Aiden Pleterski continued Wednesday as investors described how the 27-year-old Whitby man persuaded them to hand over significant sums for what they believed were legitimate trading opportunities. Pleterski has pled not-guilty on charges of fraud over $5,000 and money laundering.

Braden Martyniuk testified that Pleterski’s reputation as the “Crypto King,” along with their mutual connections, influenced his decision to invest. According to Martyniuk, Pleterski promised weekly returns of three percent through foreign exchange trading and claimed investors faced no risk to their original deposits. He also allegedly described having a $300-million reserve to protect clients. Martyniuk transferred $250,000 but testified that he received nothing when he requested his money back in 2022.

Crown counsel Scott Patterson outlined the prosecution’s allegations during his opening address Tuesday. He told jurors that Pleterski lived with his parents in Whitby and worked at a rental agency before he began soliciting investments in 2020. Prosecutors allege Pleterski promoted a trading strategy that limited losses while targeting consistent profits. Rather than investing the funds as promised, Patterson alleged, Pleterski used clients’ money to finance an extravagant lifestyle. The Crown pointed to luxury vehicles, private jets, expensive purchases and substantial credit card expenses. Patterson also alleged that Pleterski began offering excuses when investors sought withdrawals in spring 2022, including claims that foreign trading accounts had frozen their money.

Another witness, luxury vehicle rental manager Stewart Wilson, described how Pleterski’s apparent wealth helped establish his credibility. Wilson first met Pleterski through his car rental business and later noticed his increasingly lavish lifestyle. By 2021, Pleterski was living in a large Burlington waterfront property and displaying luxury vehicles, including Lamborghinis, Audis and a McLaren.

Wilson testified that Pleterski explained a trading strategy focused on modest daily gains and strict limits on potential losses. Convinced by the explanation and the appearance of financial success, Wilson signed an investment agreement through AP Private Equity. He initially contributed $250,000 before increasing his total investment to approximately $900,000.

Wilson told the court that Pleterski assured him his principal investment was secure and described managing an asset pool worth between $30 million and $50 million. The agreement reportedly gave Pleterski 25 percent of investment profits. Wilson’s girlfriend also invested $300,000 from the proceeds of selling her condominium. At the time, Wilson said he never suspected Pleterski might be using investor funds for personal expenses. His confidence began to deteriorate in March 2022 when he requested a $400,000 withdrawal. According to his testimony, Pleterski became increasingly difficult to contact before claiming that foreign accounts had frozen the funds. Wilson said he never recovered the requested money.

The testimony highlighted how Pleterski’s public image, luxury possessions and promises of protected investments allegedly influenced investors’ decisions. Prosecutors maintain that the money entrusted to him supported personal spending rather than the trading activities he advertised. These allegations remain before the court and have not been proven. Superior Court Justice Shaun Nakatsuru gave Pleterski an opportunity to cross-examine the witnesses, but he declined.

The trial remains ongoing as the court continues hearing evidence about the investments, financial transactions and circumstances surrounding the alleged fraud.

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Originally published on Canadian Fraud News.