Ryan Rumble, who faces charges of fraud over $5,000 and uttering a forged document after local investors lost more than $11 million while he was director of Banknote Capital Inc., was discussed often during a fraud trial that began Tuesday Aug. 4, 2026, in Chatham for two former Banknote directors Michael Dziedzic and Justin Foss. Rumble is seen in this photo posted to the Facebook page of the Trump International Golf Club Dubai in October 2025. (Facebook photo)

A multi-day trial of two Chatham men accused of defrauding investors of more than $11 million began Tuesday, but a third accused man, who has not been seen in Canada for about three years, was still a big part of the discussion.

Michael Dziedzic and Justin Foss, who were Banknote Capital Inc. directors when investors lost their money between November 2020 and August 2023, were charged with fraud over $5,000 in April 2025 by the Ontario Securities Commission.

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Ryan Rumble, another Banknote director during that time, also was charged with fraud over $5,000 along with uttering a forged document by the provincial securities regulator. Rumble, who is from Chatham, has not been before a court to answer to the charges.

A Canada-wide warrant was previously issued for Rumble, who is believed to be in the United Arab Emirates. He appeared by video during a civil proceeding in December 2023 from Dubai. In October 2025, he also appeared in photos posted to the Facebook page of the Trump International Golf Club Dubai where he took part in a golf tournament.

Both Dziedzic, 43, and Foss, 42, pleaded not guilty to the fraud charge when the trial began Tuesday in a Chatham court. They are being tried by judge alone in the Ontario Court of Justice.

The fraud case also involves Aiden Pleterski, known as the “Crypto King,” who is accused of bilking investors out of tens of millions of dollars in Ontario.

In outlining its case as the trial began, assistant Crown Vallery Bayly alleges Banknote initially gave $3 million to Pleterski to invest, but when no money was returned, the directors began operating a “classic Ponzi scheme” by using money from new investors to pay earlier investors.

Two local residents who invested with Banknote testified Tuesday.  
The first witness was Emily Hime, who has spearheaded an ongoing civil suit against Banknote by investors who lost money.  
Hime, 34, testified she knows both Dziedzic and Foss. She said she was initially reluctant about investing $100,000 with Banknote, which was pitched as an investment club offering big returns.

She told the court she was encouraged to invest by family members, including her dad who received a payout. Hime testified she signed a contract in June 2022, obtained a $100,000 bank draft and delivered it to Rumble’s home in Chatham.  
Hime testified she was told her initial investment would be guaranteed.

She also said she had never heard of Pleterski before investing with Banknote or being informed Banknote gave him money to invest.  
However, Hime testified she became concerned when updates stopped coming about her investment at about the same time media reports began regarding allegations of Pleterski bilking investors.

“Something didn’t sit right, especially with the timing of the updates stopping” in the fall of 2022, Hime said.  
Under cross-examination, Hime was asked about Facebook message exchanges with Dziedzic where she was informed he and Foss had sought legal advice after realizing the financial predicament they were in.

Foss’s lawyer Brian Kolenda showed a message from Hime to Dziedzic after she was told he and Foss were taking legal action against Rumble.  
“I don’t blame you, he needs to be held accountable,” Hime wrote about Rumble.

However, she clarified she didn’t blame them for taking legal action.  
Dziedzic’s lawyer Ken Marley, referring to Rumble, said, “The person who appears to be the source of the problem is conveniently not in the country.”

Hime replied, “I can’t agree or disagree with that.”  
Local commercial contractor Jason Postma took the stand and testified he was told about the Banknote investment club by Dziedzic and Foss, co-owners of Eco-Insulation and longtime business associates.

Postma said he was told about the investment opportunity with a “kid from Burlington,” who was Pleterski, with pretty good returns being seen.  
He invested $25,000 and decided to invest another $25,000 after seeing the growth on the investment.

Postma later invested more money with other friends.  
He testified he received some sizable payouts on the earlier investments but the updates stopped coming.

Postma testified about his involvement in another deal with Rumble, Dziedzic and Foss to build a headquarters for Banknote in Chatham.

He recalled in May 2022 “they were excited about buying some land and building a building.”

Postma testified Rumble told him his family trust would pay for the project and Banknote would pay the trust back.  
The first few payments on the $1.8-million building project arrived, but then stopped, the court heard.

Postma said Rumble made a $10,000 payment for a “grace period,” but another $900,000 was still owed.

In the end, a deal was reached for Postma and his brother to buy the land and partially constructed building for $625,000, which was later sold.

Under cross-examination, Postma agreed with Kolenda that Foss and Dziedzic were not experts in making investments.  
“It was definitely Ryan,” Postma said.

If Postma holds a grudge against Dziedzic and Foss, it hasn’t spilled over to their business relationship. Postma testified he continues to do business with the two defendants.  
The trial is scheduled to continue until the end of this week before resuming again in mid-October.

https://torontosun.com/news/local-news/11m-fraud-trial-begins-in-chatham-with-one-of-three-accused-not-present/wcm/7c0d3193-aaa3-4438-9fbb-d25ddced1607

$11M fraud trial begins in Chatham for (Ryan Rumble) with one of three accused not present. (Michael Dziedzic) and (Justin Foss) of Chatham are also accused of defrauding investors of more than $11 million