Arrest Warrant Issued for Self-Proclaimed ‘Crypto King’ Accomplice in $14 Million Scam

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: PixabayA judge in Ontario, Canada has issued a warrant for the arrest of Ryan Rumble, an accomplice of Canada’s self-proclaimed “crypto-king” Aiden Pleterski, for aiding the con artist in his years-long eight-figure crypto investment scam.

A class action lawsuit launched earlier this year alleged that Rumble’s investment management firm, Banknote Capital, funneled nearly one-third of the $14 million he raised from investors into Pleterski’s scam. Earlier this month, he ignored a court order to surrender his passport by December 1.

“I haven’t done anything criminally wrong,” Rumble said during a virtual court appearance on Thursday, noting that the lawsuit against him is a “civil matter:” He claimed he now resides in Dubai, though his true location remains unidentifiable.

“I’m not going to be home for Christmas,” Rumble added, representing himself in court. “I get it. I’m in contempt of court. I understand that but it puts me in a very, very difficult position.”

According to CTV News, Rumble is the first of Pleterski’s associates to receive an arrest warrant. Should he attempt to cross a Canadian border, the Canadian Border Services Association has been ordered to seize his passport and transfer him to a police agency.

Meanwhile, police services from Rumble’s resident town, Chatham, have been asked to go to his house and arrest him if he is present.

“This was a pretty important date for us today to get that arrest warrant,” said Emily Hime, the 31-year-old mother leading the lawsuit against Rumble, during a Thursday interview. She explained:

“I think it helps to give us reassurance in the justice that he won’t be able to run around the world with zero repercussions like Pleterski has. Our fear would be that he’s over there and he’s dissipating assets.”

The Crypto King’s Crimes

Pleterski is alleged to have stolen between $40 million and $100 million in a Ponzi Scheme that promised to generate investor yield through trading in the crypto markets. In practice, less than 2% of their money was put towards crypto, with the rest spent on sports cars, private jets, and luxurious vacations.

Pleterski was abducted from downtown Toronto for three days, and beaten while his kidnappers forced him to apologize for his crimes on camera, and demanded a $3 million ransom.

The 23-year-old also faces only civil charges rather than criminal ones, but investors are still attempting to recover millions during bankruptcy proceedings.