Duped investors of Ontario ‘crypto king’ cause mansion sale reversal

Canadian NBA basketball star Shai Gilgeous-Alexander has won a lawsuit reversing his purchase of an $8.4 million mansion after threatening strangers kept visiting the property looking for its previous tenant: Ontario’s self-proclaimed ‘crypto king.’

Gilgeous-Alexander filed the lawsuit earlier this year. He claimed the estate agents had misrepresented the property as “private and secure” and failed to disclose a “safety risk.” The pro-athlete claimed strangers threatened to burn down the property, attempted to break in, and bothered owners in pursuit of ‘crypto king’ Aiden Pleterski.

Gilgeous-Alexander won the lawsuit on November 27. According to the judge, “[The seller] suppressed the truth about the Burlington property, which in this case amounted to a fraudulent misrepresentation.” 

Read more: Ontario ‘crypto king’ allegedly held ransom by investor who lost $740K

John Zinati, a Toronto real estate lawyer uninvolved with the lawsuit, told reporters, “Anybody who is thinking about not disclosing something about a house should think twice because of this decision. From my perspective, it really expands what you have to disclose about a house.”

‘Crypto King’ antics led to mansion safety risk

According to Zinati, cases often require a physical element such as mold or radioactivity to constitute a contract reversal, as opposed to an external factor like duped investors. 

Pleterski is in hot water with investors, who say they’re owed $40 million worth of crypto and foreign exchange investments. Case reports say he invested just 2% of their funds as promised — and instead spent roughly $16 million on private jets, vacations, and luxury cars.

As a result of the lawsuit, the basketballer’s purchase of the property was voided and its estate agents were ordered to compensate every mortgage and insurance payment made since the lawsuit began.

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