An Ontario Securities Commission forensic accountant testified that Aiden Pleterski spent more than $16 million in investor funds on luxury vehicles, credit cards, travel and other expenses, while directing only a fraction of the money toward trading platforms.

Aiden Pleterski, the self-described “Crypto King” accused of defrauding investors, spent approximately $16.3 million of the $36.3 million he received between 2020 and 2022 on personal expenses, according to testimony presented at his Toronto fraud trial. Albert Ciorma, a senior forensic accountant with the Ontario Securities Commission (OSC), outlined his examination of Pleterski’s financial records before a Superior Court jury on Friday. His findings indicated that none of the investor funds were transferred to FXChoice, the foreign exchange trading platform identified in investors’ agreements. Instead, approximately $113,000 was directed to other cryptocurrency and foreign exchange trading platforms.

Ciorma’s analysis identified extensive spending on luxury purchases and personal obligations. Pleterski allegedly used approximately $5.6 million for high-end vehicles, $4.9 million to cover credit card payments, $870,000 for travel and private jet expenses, and $598,000 for security services. Financial records also showed nearly $3.7 million transferred to his parents and $609,000 obtained through credit card cash advances. Other transactions included more than $84,000 for a luxury property rental in Miami and $95,200 paid to the Toronto Blue Jays. Collectively, the expenditures exceeded $16.3 million, representing nearly half of the funds investors entrusted to Pleterski.

The accountant also testified that Pleterski distributed approximately $16.1 million to investors using money received from other investors. Crown prosecutor Scott Patterson reviewed detailed banking records with Ciorma, highlighting repeated transactions in which incoming investor deposits were followed by substantial payments for credit cards, luxury purchases and other expenses. Prosecutors allege Pleterski assured clients that their principal investments were protected and promised substantial returns through foreign exchange and cryptocurrency trading. However, the Crown maintains that he diverted investor funds toward personal spending rather than investing the money as agreed.

Earlier in the trial, nearly a dozen investors described collectively providing Pleterski with more than $6 million after receiving promises of weekly returns ranging from approximately two to 10 percent. Several testified that they never recovered their investments. Two witnesses also recalled seeing what appeared to be an FXChoice account displaying more than $311 million in the spring of 2022. One investor, Mitchell Learning, testified that he later discovered correspondence indicating the account had been closed. Learning further alleged that Pleterski admitted losing investor money and subsequently using new deposits to make payments to existing clients. Ciorma told the court that his examination of the relevant trading accounts found no evidence of the purported $311-million balance.

Pleterski, 27, has pleaded not guilty to fraud over $5,000 and money laundering. Authorities charged him in May 2024 following an investigation involving the OSC and Durham Regional Police. The forensic accounting evidence represents a significant component of the Crown’s case, providing a detailed account of how millions of dollars moved through Pleterski’s financial accounts during the alleged scheme. The trial is expected to continue with additional testimony from Ciorma as prosecutors examine the financial transactions underlying the charges. The allegations against Pleterski have not been proven in court.

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Originally published on Canadian Fraud News.