AP Private Equity founder accused of defrauding investors of $35 million

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A 23-year-old Canadian resident who created the AP Private Equity project and calls himself the "Crypto King" is accused of defrauding investors of $35 million.

Lawyer Norman Groot, who defends the interests of affected depositors, said that Aiden Pleterski promised them a profit of up to 7% from investments in cryptocurrencies. In this way, Pleterski attracted about 150 people who transferred about $35 million to the trust management of AP Private Equity, but only $2 million was returned to them. The organization is now declared bankrupt.

It turned out that Pleterski led a luxurious lifestyle: he owned 11 premium cars, including two McLaren sports cars, one Lamborghini and two BMWs, and also rented a luxury house on the beach for $45,000 dollars a month. The young "Crypto King" claims that all the funds entrusted to him by investors were lost due to unprofitable cryptocurrency trades and margin calls. However, Pleterski has not yet provided evidence that this was indeed the case.

"We take this matter very seriously. We understand that many people want their money back. Someone invested $25,000, $50,000, or $100,000. That's a lot of money for most people," said bankruptcy trustee Rob Stelzer.

A similar situation occurred in May with the American cryptocurrency trader Jeremy Spence (Jeremy Spence), known under the nickname Coin Signals. He claimed that he was using a profitable trading strategy, but in reality, his trades were unprofitable. Spence was eventually sentenced to 42 months in prison for $5 million in fraud.

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According to media reports, the self-proclaimed "Crypto King" and founder of the failed AP Private Equity crypto project, Aiden Pleterski, was kidnapped and tortured in an attempt to get millions in ransom money.

The CTV News Toronto (CTVNT) news agency has obtained documents revealing details of the incident that occurred with Aiden Pleterski. He was abducted by criminals in downtown Toronto and tortured and beaten for three days in an attempt to get a ransom in exchange for his life.

"He was abducted and held for approximately three days, driven to various parts of southern Ontario, beaten, tortured, allowed to make phone calls only to specific people and demanded a multimillion — dollar ransom," according to the materials of the court case initiated into the abduction of Pleterski.

A Toronto police spokesperson declined to comment on witness statements, the list of suspects, or the status of arrests made in connection with the case.

"Aiden ran a business that he told people he would invest their money in, but that didn't happen. He didn't do any of the things he promised. And, obviously, he owes people a lot of money, " said Rob Stelzer, the bankruptcy trustee.

Recall that the 23-year-old founder of AP Private Equity attracted about $40 million to his crypto project. Pleterski guaranteed investors that he would increase their investments by at least 7%, but in fact, more than 98% of the funds he raised were never invested, but were used to buy luxury goods and personal enrichment.

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Canadian law enforcement officers have arrested self-proclaimed "crypto king" Aiden Pleterski, the creator of the failed crypto project AP Private Equity Limited, on charges of defrauding investors.

Authorities also charged 25-year — old Aiden Pleterski's co-worker, Colin Murphy, with fraud. Pleterski's arrest came after a 16-month investigation by the OSC and Durham Regional Police Service (DRPS). Pleterski's parents posted a bail of about $73,400 for their son, but he had to hand over his passport. In addition, he was ordered not to make publications related to financial issues, and not to trade cryptocurrencies.

The Ontario Securities Commission (OSC) said that between 2021 and 2022, Pleterski convinced 160 investors to invest 40 million Canadian dollars (about $30 million) in his cryptocurrency scheme. He promised to invest the money he received in foreign currencies and crypto assets. However, the accused used only 2% of the funds raised for their intended purpose, appropriating the rest. He spent at least $11.7 million on luxury cars, international travel and renting a mansion. Pleterski often conducted live broadcasts on social networks, demonstrating his luxurious lifestyle. During the bankruptcy proceedings, two McLaren cars, two BMWs and one Lamborghini were confiscated from him.

In December 2022, Pleterski was abducted by five victims affected by investments in this crypto scheme. The young man was held captive for three days, where he was beaten. After his release, he posted a 12-minute video on social networks with an apology to his depositors, which, as Pleterski's lawyer later said, was made under duress. Canadian authorities have already arrested four alleged criminals involved in the abduction of the creator of AP Private Equity Limited.