The Ontario Securities Commission (OSC) has laid Criminal Code charges against Ryan Rumble, Michael Dziedzic and Justin Foss, all former directors of Banknote Capital Inc., each with one count of fraud over $5,000. The OSC alleges that between November 2020 and August 2023 the accused raised more than $11 million from investors by promising high rates of return and guaranteed principal, used money from new investors to repay existing investors, and diverted funds for Mr. Rumble’s personal benefit. Mr. Rumble also faces a charge of uttering a forged document; Mr. Dziedzic and Mr. Foss surrendered and were released on an undertaking, and a Canada-wide warrant has been issued for Mr. Rumble. The investigation originated from Project Swan, a joint OSC and Durham Regional Police Service investigation, and the OSC acknowledged assistance from the Chatham-Kent Police Service and the Financial Transactions and Reports Analysis Centre of Canada.
Financial Transactions and Reports Analysis Centre of Canada 2025-04-23
Ontario Securities Commission charges three Banknote Capital directors with criminal fraud tied to more than $11 million raised from investors
The Ontario Securities Commission (OSC) has charged former Banknote Capital Inc. directors Ryan Rumble, Michael Dziedzic, and Justin Foss with fraud over $5,000, alleging they raised over $11 million through a Ponzi scheme. Mr. Rumble also faces a charge of uttering a forged document, with a Canada-wide warrant issued for his arrest. The charges stem from Project Swan, a joint investigation by the OSC and Durham Regional Police Service.