Torture Story - Aiden Pleterski who blew millions of dollars from investors

[Flexystar]

This is not so good news when it comes to investing your money in the market and also leading controversial companies so that investors can invest huge sums of money.

However, it is always advisable to study what you are doing in the crypto sphere, what kind of life you are living and what is your offering to the world.

This kid, Aiden was just 20+ when he started living a millionaire's dream. He had a collection of Maclaren sports cars, a Lamborghini, and a rented house with a rent of $45,000. That is enough to understand how much he must be earning from his company during his "Teenage".

The mistakes;
He invested a huge amount in crypto without prior knowledge about it.
He just randomly took marginal calls and lost a lot of money.
He lost more than millions of dollars and only invested 1.6% of all the investment that came to his account.

He was kidnapped and tortured by the investors to recover all his money. More than that he also got threats against his family which was literally terrifying.

Interesting read, and a good lesson to take when you are in crypto.

A self-styled "Crypto King" who allegedly fleeced investors out of millions was kidnapped and tortured, according to explosive court documents.

Aiden Pleterski led a lavish lifestyle and owned McLaren sports cars and a Lamborghini — and even rented a plush waterfront home for $45,000 a month.

He had promised his investor's healthy returns of 7%, but it all came crashing down and he ended up filing for bankruptcy.

It's believed Pleterski, who was 23 when his company went under, was abducted by disgruntled creditors.

Testimony from his father Dragan reveals:

One person that Pleterski was allowed to contact was a man called Sandeep Gupta, his landlord.

Gupta recalled receiving multiple calls late at night from Pleterski, in which he said:

Gupta told him that this would be impossible to arrange — and while he was determined not to pay any money, he wanted to engineer the situation so he didn't come to harm. On a different phone, he began to call 911.

Over the following days, the landlord worked with officers in an attempt to set up a sting meeting and ensure that Pleterski could be brought to safety.

He was later released on the understanding that he would get the cash to his kidnappers as soon as possible — and was warned that interacting with law enforcement would make his situation much, much worse.

Gupta said in his testimony that Pleterski's actions had put him and his family in danger — with random people also visiting the property that the fallen entrepreneur was renting.

Efforts are now underway to recover as much money as possible for Pleterski's victims.

While he has claimed that the money was lost in a series of bad trades and margin calls, he's been accused of blowing millions on his lavish lifestyle. It's estimated that he had only invested 1.6% of the funds he was given. The court filing says:

He allegedly attempted to defend himself by saying he was a "20-something-year-old kid."

Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured

[mu_enrico]

I often say it's good to make mistakes when you're young, BUT not a fatal mistake like this.
He's just one of several cases, including Do Kwon that will end up badly. There's a reason why thieves often flee from their country and it's not because of the police. The anger of desperate people can lead to a horrible story. Imagine how many people's lives he ruined, and it just needs one to pull the trigger.

He lost more than millions of dollars and only invested 1.6% of all the investment that came to his account.

As much as it seems like a bad investment scheme, pretty sure this case is embezzlement.

[crwth]

I feel sad who had lost money through this. They never expected this or might be too hopeful to give their money to Aiden. It's hard to understand why they had to, but he must be very convincing. He couldn't successfully get cooperative projects to invest in and lost all his money. It could be different if he had some security measures or a plan for what to do with the money instead of trying to show off his luxurious lifestyle.

I just can't believe people would torture him to get back or something.

[Fiatless]

Some people have lost their life savings in this fraudulent business and they will do everything possible to get back their money. But kidnapping him was going to the extreme because they can be arrested and charged with kidnapping. These victims would have reported the matter to the police instead of taking the laws into their hands. I think age brings maturity and experience which can be a plus in financial management. Most of these young CEO is influenced by their peers easily and they always want to show off their wealth. But he is old enough to face the law because his excuse that he is young is senseless.

[DrBeer]

Funny and instructive story!
And - instructive! It shows that if you deliberately decided to engage in illegal activities, especially in relation to individuals! What is the nuance here? The nuance is that law-abiding legal companies will behave within the framework of the legislative framework. They cannot do otherwise, at least - most of the legal entities of the civilized world. But individuals ... they have the opportunity to behave either on the verge of the law, or even outside the law! And it will be a "game on the same field" - you behave outside the law - and I will, in relation to you, behave OUTSIDE THE LAW! In a word - nothing surprising

[adaseb]

I am not surprised that many people simply gave him money and assumed he would make more of it. Crypto has a bad rap because everyone thinks it’s a get rich quick scheme.

Some old friend of mine heard I was in crypto and he was like “hey if I give you $5000 can you turn it into $50000 with your crypto trading”. I explained that you don’t get rich off Bitcoin anymore.

[stompix]

The mistakes;
He invested a huge amount in crypto without prior knowledge about it.
~
He lost more than millions of dollars and only invested 1.6% of all the investment that came to his account.

Those two things contradict themselves.
If he invested only 1.6% of the sums he has got then how can you call the amount "huge" ?
With only 1.6% gone on bad trades, he could have still had 98.6% left to reimburse and I doubt anyone would kidnap him for losign 1%.

If he had indeed received $40 million it means he has only invested in crypto a bit over $600k, a tiny amount compared to the sums that claimed to be lost because of his spending, which is the problem and here are two articles more detailed on the whole thing:
One from last year :
Investors scramble to recoup money from 23-year-old 'Crypto King' who allegedly owes $35 million

and one about the "kidnapping":
Ontario crypto king kidnapped, tortured in an attempt to get millions in ransom, documents say

I'm saying "kidnapping" because to date the police haven't confirmed the actual kidnapping, just claims of his family that he was kidnapped.

Back to the money, this is the problem:

Instead, he spent nearly $16 million on extravagant cars, private jets, and elaborate vacations that equated to approximately 38 per cent of the money he raised from investors, according to a banking analysis in the new report.

In conclusion, this scam wasn't so much about crypto or trading but about somebody spending investor money right and left.

[slapper]

A self-styled "Crypto King" abducted and tormented? That's taking investment blunders to uncharted heights. It's like the real-life embodiment of The Wolf of Wall Street colliding with Taken! No shocker that he led a millionaire's existence; the guy probably felt untouchable. But now, he's merely a warning for others. Moral of the story, don't pour your cash into something you don't grasp, or you could face the ultimate consequences.

On a positive note, at least his landlord turned out to be a stand-up fellow and lent a helping hand. And let's not overlook the fact that this fella owned a Lamborghini, a Maclaren, and a home with a staggering $45,000 monthly rent. Talk about living it up! But power comes with accountability, and sadly, he didn't rise to the occasion.

[Ayers]

I am not surprised that many people simply gave him money and assumed he would make more of it. Crypto has a bad rap because everyone thinks it’s a get rich quick scheme.

Some old friend of mine heard I was in crypto and he was like “hey if I give you $5000 can you turn it into $50000 with your crypto trading”. I explained that you don’t get rich off Bitcoin anymore.

To be fair, cryptocurrency can bring wealth faster than other investments, and that is also one of the reasons that we invest in it. With only 14 years of existence and development, bitcoin has grown by millions of percent and brought huge profits to many people, so there is nothing wrong with people seeing the market as a get-rich-quick place. But their mistake is not thinking about risk, and they forget one thing, the higher the return, the higher the risk. They are too greedy and just want to get rich quickly without risks.