Alleged Fraudster Seen at Trump Golf Course Sparks Outrage

A Chatham man accused of orchestrating an alleged fraud scheme worth $11 million has drawn ire from victims after being photographed at a Donald Trump-owned golf course in Dubai. Ryan Rumble, a former director of Banknote Capital, was featured in a post on the Trump International Golf Club Dubai Facebook page, dated October 7, where he participated in the “6th annual Staff vs Members” event. His involvement in such a lavish setting has left some alleged victims feeling disheartened.

Emily Hime, one of the investors who claims to have lost money with Rumble, expressed her disappointment. “It’s deeply disheartening to see that he continues to live a lavish lifestyle, frequenting golf courses and enjoying luxuries,” she stated. Hime criticized Rumble’s assertion that he is abroad to “work toward recovering investor funds,” claiming it rings “hollow.” Another alleged victim, Brock Tedford, echoed her sentiments, noting that it is troubling for someone facing such serious accusations to appear to enjoy a luxurious life.

In April, the Ontario Securities Commission charged Rumble and two other former directors of Banknote Capital—Michael Dziedzic and Justin Foss—with fraud over $5,000. The allegations assert that from November 2020 to August 2023, the trio raised over $11 million from investors by promising high returns and guaranteed principal, while misappropriating funds for personal use. While Dziedzic and Foss have surrendered to authorities, Rumble remains in Dubai, where he has lived for nearly two years, and is also charged with uttering a forged document. A Canada-wide arrest warrant is currently active against him.

During a court proceeding on December 14, 2024, Rumble participated via video call from Dubai. He claimed, “I want to make this right with the clients and get these clients paid back their initial investment,” asserting that Dubai is the only place where he can work to achieve this goal.

The situation is compounded by a $5 million civil lawsuit filed by Hime against Rumble, Dziedzic, and Foss, which led to a judge freezing Banknote’s assets in May 2023. Court records indicate that while Dziedzic has filed a statement of defense, Rumble and Foss have yet to respond. It is important to note that the details in these statements have not been tested in court.

Hime’s motion also alleges that some of the losses experienced by Banknote investors were tied to a high-profile litigation case involving self-styled “crypto king” Aiden Pleterski. Pleterski is accused of receiving $41.5 million from investors but only investing 1.6 percent of those funds, spending nearly $16 million on luxury items instead. A report from the trustee overseeing Pleterski’s bankruptcy indicated that approximately $431,000 had been recovered from his accounts.

In a sworn affidavit from July 2022, Rumble claimed that Banknote had invested around $3.9 million with Pleterski between September 2021 and March 2022. His affidavit included contracts detailing a profit-sharing agreement and guarantees for investor principal repayments. Notably, Pleterski is not named as a defendant in Hime’s civil lawsuit.

When contacted regarding Rumble’s recent golf outing, the Ontario Securities Commission declined to comment, citing the ongoing legal proceedings. Hime remains hopeful for accountability, stating, “I have no insider knowledge of the ongoing criminal investigation, but I believe in accountability – and in karma. In time, I trust justice will prevail.”

The unfolding developments of this case continue to draw attention as it highlights the complexities of fraud investigations and the emotional toll on those affected. The situation remains before the courts, with potential implications for all parties involved.