Ontario Securities Commission Charges Three with Investment Fraud

The Ontario Securities Commission (OSC) has charged three individuals—Ryan Rumble, Michael Dziedzic, and Justin Foss— each with fraud over CA$5,000 in connection with Banknote Capital Inc. (Banknote), where they were all directors. Additionally, Mr. Rumble faces an additional charge of Utter Forged Document.

According to the OSC, between November 2020 and August 2023, the accused raised more than CA$11 million from investors, promising high returns and guaranteed principal. The OSC further alleges that funds raised from new investors were used to repay existing ones and were diverted for Mr. Rumble’s personal benefit.

Mr. Dziedzic and Mr. Foss have surrendered to authorities and were released on an undertaking. Meanwhile, a Canada-wide warrant has been issued for Mr. Rumble's arrest.

The OSC urges investors to remain vigilant and always verify the registration status of individuals or businesses trying to give an investment offer or provide investment advice.