I’m happy I stayed out of the Crypto market.
I made about $2300 from a $500 crypto gift from my friend Greg Foss but cashed that out last Christmas for Xmas presents.
FREE Xmas presents.
23-year-old Aiden Pleterski wasn’t so lucky. He owes hundreds of (what looks like very dumb) investors 35 million after promising a 10-20% return in the crypto market, which C-C-C-C-Crashed into its own MLM asshole this year.
Unfortunately, Aiden “didn’t keep records,” and it looks like he spent most of the money on “Stuff,” as you do when you are a 23-year-old-conman.
CBC: Two McLarens, two BMWs, and a Lamborghini make up just a few of the $2 million worth of assets seized from a 23-year-old from Whitby, Ont., as his investors try to recoup millions of dollars they handed over to the self-described “Crypto King.”
But so far, Aiden Pleterski’s assets fall far short of what his investors claim they’re owed.
Creditors are working to unravel where at least $35 million provided to Pleterski and his company AP Private Equity Limited for cryptocurrency and foreign exchange investments ended up, according to a fraud recovery lawyer and documents filed in two separate actions reviewed by CBC Toronto.
Diane Moore invested $60,000 she had earmarked for her grandchildren’s education after meeting Pleterski through someone she’d known for years. Now she’s out $50,000.
“The whole thing was based on trust,” Moore said. “What Aiden has done, I think, is awful — and I don’t know how he can live with himself.”
The terms of Moore’s investment included a 70-30 split on any capital gains (with 70 per cent for her and 30 per cent for Pleterski), a commitment the initial investment would be paid back in full if it was lost, and target capital gains of 10 to 20 per cent biweekly, according to her investment contract.
Roughly 140 investors who handed over a collective $20 million responded to a call-out for information from a fraud recovery law firm investigating Pleterski, some of whom are involved in the bankruptcy process.
“It was a huge surprise, we’ve never had a response like this,” said Norman Groot, founder of Investigation Counsel PC, which only represents alleged victims of fraud.
Through a bankruptcy trustee’s report, creditors meeting minutes, court filings, and complaints made to Groot’s firm, a picture emerges of Pleterski’s luxurious life before things fell apart. The young man,dubbed “the Crypto King” in several paid-for promotional articles, owned 11 vehicles, was leasing four other luxury cars, flew on private jets, and was paying $45,000 a month to rent a lakefront mansion in Burlington, Ont.
“This guy had a large lifestyle burn rate, but it doesn’t account for the amount of money that’s missing,” Groot told CBC Toronto.
“What’s difficult with this particular case is that Pleterski was taking in a lot of cash — and how do you trace cash?”
You don’t. That’s the point. Young Aiden here saw the grift and locked on to it. He probably has the gift of the gab, and when you show up to a prospective client’s house in a 400k Lambo, they tend to think you’re on to something. At least, the rookie or gullible investor would. That same easy investor would look at 20% capital gains on their investment like a gift from the money Gods.
Unfortunately, that BULLSHIT, and unless it’s a scam, those returns DO NOT EXIST.
One hundred forty people gave or borrowed and gave this little skid 35 million dollars which he spent on cars, trips, watches, girls, and Blingitty bling. Those same astute investors have probably been reading about the bitcoin Crypto wipeout and asked for their money back.
Bad news: The money is gone, and Aiden probably has an STI.
In (a) creditors meeting, the trustee stated that Pleterski claimed he lost most of the money given to him in late 2021 and early 2022 “in a series of margin calls and bad trades.” But as of Aug. 29, the trustee hadn’t received anything to support that — despite requesting evidence of trades and bank statements from Pleterski.
When asked about his record-keeping for investments funds, Pleterski told the meeting he was very unorganized, did not keep track of his finances and didn’t keep a record of his indebtedness or payments.
*Investors also asked about a number of potential assets, including luxury cars, watches and gold bars. When asked if he had ever owned a Patek Philippe watch — and if he did, what happened to it — Pleterski told the meeting he’d never owned a Patek Philippe watch and that “he has never owned a watch with a value greater than $600,000.”
BWAHAHAHAHAHAHAHAHA!!! Weird way to announce your innocence.
“I swear I have never owned a watch that cost more than $600,000! EVER.”
On some level, anyone who gave this kid money deserves to lose it. Their greed and recklessness is obvious.
— Max Fawcett 🇨🇦 (@maxfawcett) September 20, 2022
FTR: Crypto is dead because it’s nothing more than MLM, and gullible people have lost billions to money-for-nothing sharks like Aiden.
The bottom is coming, and you’ll hear more of these stories. Stories where 65-year-olds lose their life savings to a kid who spent Harvey and Mildred’s hard-earned fixed-income fund on a bunch of supercars and a lakefront mansion for 45k a month.
Crypto would be a good idea if it weren’t a scam. Which it is.
And I took Poilievre's advice… https://t.co/DCMYEYln8y
— Mark Bourrie (@MarkBourrie) September 19, 2022