An Ontario man who reportedly proclaimed himself the “Crypto King” has been arrested by Durham Regional Police.
In a news release Wednesday, Durham police said the so-called Crypto King, 25-year-old Aiden Pleterski from Whitby, is facing charges of fraud over $5,000 and laundering the proceeds of crime.
Colin Murphy, a 27-year-old Oshawa man, is facing the same charges, police said.
Police added further information during a news conference Thursday.
They said their 16-month-long probe, which involved the Ontario Securities Commission’s enforcement branch, began in July 2022 when the force began receiving “numerous complaints” about an investment fraud allegedly involving a Whitby man.
During their investigation, police said they also became aware of another individual associated with that man, who also claimed to be generating large weekly profits through savvy investments.
“Victims provided money to him under similar circumstances, with the expectation that he was investing it on their behalf and would be returning them large profits,” police said.
“These victims were ultimately defrauded as well, and unable to recover their funds.”
Police said Pleterski was held for a bail hearing, while Murphy was released on an undertaking.
Anyone with new information is asked to contact police at 1-888-579-1520 ext. 5353, or the Ontario Security Commission at 1-877-785-1555.