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“Crypto King” declared bankrupt

By David Gadsden, Michael Nowina & Ben Sakamoto on August 22, 2022
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Aiden Pleterski, the self-described “Crypto King“, and his company AP Private Equity Limited were petitioned into bankruptcy on August 9, 2022 on application by certain of their creditors. David Gadsden, Michael Nowina and Ben Sakamoto at Baker McKenzie act for the creditors who brought the bankruptcy applications.

The bankrupts claimed to have operated an investment business in which, among other things, investor monies were invested into cryptocurrency and foreign exchange positions. Grant Thornton is the bankruptcy trustee  and is now in the process of realizing on the assets of the bankrupts, including two McLarens, a Lamborghini and a collection of other high-end vehicles.  The trustee is aware of over $10 million of liabilities, although the records of the Debtors are incomplete and the total amount of liabilities is believed to be much greater.

Photo of David Gadsden David Gadsden

David Gadsden has deep experience in fraud and financial crime matters.  He is counsel on multijurisdictional fraud investigations, including related civil disputes and regulatory proceedings.  David acted as counsel for a primary defendant in the Sino-Forest litigation, the largest securities fraud class action…

David Gadsden has deep experience in fraud and financial crime matters.  He is counsel on multijurisdictional fraud investigations, including related civil disputes and regulatory proceedings.  David acted as counsel for a primary defendant in the Sino-Forest litigation, the largest securities fraud class action in Canada.  He is known for his pragmatic advice on fraud prevention and investigations, and has extensive expertise in ‘Ponzi scheme’ litigation and asset recapture, including cross-border tracing, Anton Piller orders and Mareva injunctions.  David has been recognized as a “Litigator to Watch” in Lexpert’s annual Guide to the Leading US/Canada Cross-border Litigation Lawyers in Canada and has been ranked in Legal 500 for dispute resolution.

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Photo of Michael Nowina Michael Nowina

Michael Nowina’s litigation practice focuses on a broad range of commercial disputes including advising on the recovery from fraudulent investment schemes, mortgage fraud and credit fraud. Michael’s fraud-related and investigations experience includes representing victims of a Canada-wide investment fraud and ultimately securing recovery…

Michael Nowina’s litigation practice focuses on a broad range of commercial disputes including advising on the recovery from fraudulent investment schemes, mortgage fraud and credit fraud. Michael’s fraud-related and investigations experience includes representing victims of a Canada-wide investment fraud and ultimately securing recovery of a majority of the proceeds from the fraud, advising numerous creditors in proceedings commenced to recover fraudulent conveyances and preferential payments in multi-jurisdictional litigation, and representing financial institutions in identity fraud cases and in proceedings to recover funds from fraudulent borrowers. Michael also frequently advises clients on insolvency matters involving fraud.

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Photo of Ben Sakamoto Ben Sakamoto
Ben Sakamoto is a member of Baker McKenzie’s Litigation and Government Enforcement Practice Group in Toronto. He joined the Firm as a summer student in 2016 and completed his articles in 2018. Ben has a broad commercial litigation practice. He acts for clients
…
Ben Sakamoto is a member of Baker McKenzie’s Litigation and Government Enforcement Practice Group in Toronto. He joined the Firm as a summer student in 2016 and completed his articles in 2018. Ben has a broad commercial litigation practice. He acts for clients on fraud matters, internal investigations, jurisdictional disputes, class actions, insolvency and restructuring matters, and commercial arbitrations. He is a contributor to canadianfraudlaw.com and globalclassactionsblog.com. Ben also assists the Firm’s pro bono team in providing legal assistance to survivors of human trafficking and sexual exploitation.
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  • Posted in:
    Other
  • Blog:
    Canadian Fraud Law
  • Organization:
    Baker McKenzie
  • Article: View Original Source

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