Three Chatham men have now been charged in connection with a multi-million dollar fraud investigation.
The Ontario Securities Commission (OSC) announced this week that Ryan Rumble, Michael Dziedzic and Justin Foss have all been criminally charged with one count each of fraud over $5,000. Rumble is also charged with uttering a forged document.
According to the OSC, as directors of investment firm Banknote Capital Inc., the three men raised more than $11 million between November 2020 and August 2023, promising investors high rates of return and guaranteed principal. The OSC alleged that the funds collected from new investors were used to repay existing investors and funds were also diverted for Rumble’s personal benefit.
While Dziedzic and Foss have since turned themselves in to authorities, a Canada-wide warrant has been issued for Rumble’s arrest.
An arrest warrant was previously issued for Rumble in 2023 after he was found in contempt of court for failing to surrender his passport. At the time, he had told a Canadian judge that he was working in Dubai.
The fraud investigation was conducted by the Criminal Investigations team within the OSC’s Enforcement Division with assistance from the Chatham-Kent Police Service and the Financial Transactions and Reports Analysis Centre of Canada.