Canadian Rambo Loses $35M in Downfall of Crypto King

A self-proclaimed 23-year-old “King of Cryptocurrencies” is facing a flood of demands from 140 investors as they try to recover a total of $35 million from his company AP Private Equity Limited.

Creditors are struggling to figure out where all the money they allegedly gave Canadian Aiden Pleterski to invest in cryptocurrencies and foreign exchange on their behalf, according to a Sept. 20 report by the Canadian Broadcasting Corporation.

Bankruptcy trustee reports, creditor meeting minutes, court documents and complaints to investigative consultant PC reveal that Plettsky owns 11 cars, leases four other luxury cars, frequently flies private jets and lives in a lakeside mansion, each The monthly rent is $45,000.

Assets worth about $2 million have been seized so far, including two McLarens, two BMWs and a Lamborghini.

Norman Groot, founder of fraud recovery law firm Investigation Counsel PC, claims the “massive lifestyle attrition rate” still doesn’t “account for the amount lost”.

The original lawsuit against Pleterski, which resulted in the freezing of his assets and bank accounts, has now been superseded by bankruptcy proceedings. At this stage, this is the investor’s only recovery process, as bankruptcy proceedings take precedence over civil claims.

“The only other avenues available to investors are to report to the Ontario Securities Commission and the police,” Groot said.

“These processes are lengthy,” he added. “The longer it takes, the less likely it is to recover evidence, and the less likely it is to recover funds.”

Groot said the warning signs of excessive investor returns are there for all to see.

“[每周] 5% interest is not available on the open market. A 23-year-old is unlikely to be the next Bill Gates to talk to conservatives and get a second opinion. “

Creditor Diane Moore invested $60,000 and said her investment contract gave her most of the capital gains of 70-30, with a target of 10% to 20% every two weeks.

“The whole thing is built on trust,” she said, claiming to have paid $50,000 out of her own pocket.

Pleterski’s attorney, Micheal Simaan, disputed the allegations and said his client had been cooperating fully with the bankruptcy process.

According to Simaan, his clients started investing in cryptocurrencies when they were teenagers. His success during the bull market prompted others to give cash for free to invest in the hope of making them rich.

“It’s shocking that no one seems willing to think about what would happen if the cryptocurrency market tumbled, or whether Aiden, as a very young man, was qualified to handle these types of investments.”

Pleterski claimed that his investment firm was in trouble due to “a series of margin calls and bad trades,” which may have been exacerbated by the market crash and the ongoing crypto winter.

All the money investors put in in late 2021 and early 2022 is gone, he said.

The trustees pointed out that they still need to receive supporting evidence of the transaction after requesting proof of the transaction and bank statement.

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