Associate of Canada’s “Crypto King” Sentenced to Prison for Contempt of Court
Colin Murphy, an associate of Canada’s infamous “Crypto King” Aiden Pleterski, has been sentenced to 5 months in prison for contempt of court. The Ontario Superior Court found Murphy guilty of refusing to surrender his iPhone and deleting its data during a search warrant execution. Justice Hugh O’Connell stated that Murphy’s actions required a wake-up call.
Crypto King Aid Faces Legal Troubles
In February 2023, Murphy was sued by an investor who wanted to recover $120,000 he had given to Murphy for investment in Pleterski’s crypto trading business. When the client requested his money back, Murphy went silent. The court documents revealed that the invested money was the client’s life savings. In November, Judge O’Connell issued a default judgment against Murphy for fraud and breach of fiduciary duty.
Lavish Lifestyle and Unpaid Debts
Murphy claimed that he had no funds to repay the investor, but Pleterski refuted this claim in messages included in the court affidavit. Both Murphy and Pleterski were known for flaunting their luxurious lifestyles on social media. While an auction is scheduled to sell Murphy’s vehicles, he has yet to surrender his firearms. The judge considered this failure as an aggravating factor in Murphy’s sentence.
Hot Take: Cryptocurrency Fraud Continues to Make Headlines
The case involving Colin Murphy and Aiden Pleterski highlights the ongoing issue of cryptocurrency fraud. Investors need to be cautious when entrusting their funds with individuals claiming expertise in crypto trading. It is crucial to conduct thorough research and due diligence before making any investments. This case serves as a reminder that flashy displays of wealth on social media do not guarantee financial integrity. The legal actions against Murphy and Pleterski demonstrate that the justice system is actively pursuing those involved in fraudulent activities within the cryptocurrency industry.
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