A multi-million dollar Chatham fraud trial that was at risk of being derailed will be moving ahead after all.
On Wednesday, the Chatham court heard that the lengthy and complex trial of Justin Foss and Michael Dziedzic, former directors of a Chatham investment company called Banknote Capital, would go ahead as scheduled on August 4 after their defence lawyers confirmed that they are not proceeding with a planned delay application at this time, due to unreasonable delays in getting a timely trial for their clients. However, the delay motion can be brought forward at a later date.
The delay motion could have lead to the dismissal of the high-stakes case.
The four-week fraud trial is scheduled for August, October, and November.
Under Canadian law, a provincial court trial must begin within 18 months of charges being filed.
In April of 2025, Dziedzic and Foss were charged with fraud by the Ontario Securities Commission (OSC), along with partner and alleged Ponzi scheme mastermind Ryan Rumble, who is also charged with one count of forging a document.
The Commission alleged that from November 2020 to August 2023, the three accused men raised more than $11 million from investors by promising high rates of return and guaranteed principal. However, the local investors alleged they were duped and did not receive a "full" return on their investment.
The OSC alleged that the funds collected from new investors were used to repay existing investors and were diverted for the personal benefit of Rumble.
A Canada-wide warrant for Rumble’s arrest was issued on December 2023 for failing to surrender his passport.
At that time, the court heard that he was working in Dubai because it was the only place he could get work to pay back the investors' initial investment.
