Investors, including some local investors, who lost millions in an alleged fraud scheme are a step closer to having some closure.
Two of the three former directors of Banknote Capital, an investment company in Chatham, are set to have their cases either resolved or go to trial.
The lawyers for Justin Foss and Michael Dziedzic were in Chatham court on Tuesday and agreed to return on November 5, 2025 to set a date for resolution or trial.
In April 2025, Ryan Rumble, Michael Dziedzic, and Justin Foss were charged with fraud by the Ontario Securities Commission (OSC). They have each been charged with one count of fraud over $5,000. Rumble is also charged with one count of forging a document.
The OSC alleged that from November 2020 to August 2023, the three accused raised more than $11 million from investors by promising high rates of return and guaranteed principal, but the local investors alleged they were duped and did not receive a "full" return on their investment.
The OSC alleged that the funds collected from new investors were used to repay existing investors and that funds were diverted for the personal benefit of Rumble.
Dziedzic and Foss surrendered to authorities and were released with court conditions.
A Canada-wide warrant for Rumble’s arrest was issued, but he was working in Dubai at the time.
