Key Takeaways
- • Ontario Court of Justice trial continued in Chatham, with testimony from Ontario Securities Commission forensic accountant Albert Ciorma showing $3 million was transferred from Banknote Capital bank accounts at CIBC and Scotiabank to Aiden Pleterski and his company AP Private Equity Limited.
- • Former Banknote Capital directors Michael Dziedzic and Justin Foss, charged with fraud over $5,000 in April 2025 by the Ontario Securities Commission, have pleaded not guilty and are being tried by a judge alone; the Crown alleges investors lost more than $11 million between November 2020 and August 2023.
- • The Crown alleges Banknote operated a "classic Ponzi scheme," paying earlier investors with money from new investors after the initial $3 million given to Pleterski to invest was not returned.
- • Ciorma testified that the records do not establish who authorized the wire transfers to Pleterski, a gap defense counsel emphasized on cross-examination.
- • Ryan Rumble, the third alleged director, faces fraud and uttering-forgery charges, has not appeared in court to answer them, and is believed to be in the United Arab Emirates under a Canada-wide warrant.
Summary
The trial of former Banknote Capital Inc. directors Michael Dziedzic and Justin Foss continued in a Chatham court, with testimony on Wednesday and Thursday focused on financial records linking Banknote's bank accounts to Aiden Pleterski, dubbed the "Crypto King." According to the Chatham Daily News, the Crown alleges Banknote initially gave $3 million to Pleterski to invest. When no money was returned, the directors allegedly began operating a "classic Ponzi scheme" by using money from new investors to pay earlier ones. Dziedzic and Foss, who were directors when investors lost their money between November 2020 and August 2023, were charged with fraud of more than $5,000 in April 2025 by the Ontario Securities Commission. Both have pleaded not guilty and are being tried by a judge alone in the Ontario Court of Justice.
Ontario Securities Commission forensic accountant Albert Ciorma testified that $3 million was transferred from Banknote accounts at CIBC and Scotiabank to Pleterski and his company, AP Private Equity Limited. He confirmed no money was received into those Banknote accounts from Pleterski. Although Foss, Dziedzic and Rumble were signatories on the accounts, Ciorma testified that the records do not establish who authorized the transfers. Foss's lawyer, Brian Kolenda, drew out that point on cross-examination, and Ciorma agreed the majority of records lack that information. Efforts to obtain IP addresses tied to the transfers were made earlier this year, but Ciorma said telecommunications companies have "short retention policies" that made the data difficult to obtain. He also acknowledged he did not perform any signature authentication.
Ciorma's report on Pleterski's personal accounts showed more than $1 million spent on sports cars and hundreds of thousands of dollars on vacations, jewelry, jets and yachts. Ciorma said he did not recall seeing comparable spending in the personal accounts of Foss and Dziedzic. His report also found Rumble deposited nearly $308,000 into Banknote accounts and withdrew nearly $548,000.
Ryan Rumble, a Chatham native, is charged with fraud over $5,000 and uttering a forged document, but has not appeared in court to answer the charges. A Canada-wide warrant was issued for him. He appeared by video from Dubai in a civil proceeding in December 2023 and was pictured in October 2025 at a golf tournament at the Trump International Golf Club Dubai. Kolenda presented an affidavit from a Scotiabank official stating Rumble falsified two letters on Scotiabank letterhead, including one claiming $1 million had been transferred out of the country.
Pleterski is separately on trial, charged with fraud over $5,000 and money laundering for allegedly defrauding investors of tens of millions of dollars in Ontario. He has pleaded not guilty. The trial continues on Oct. 28.
Ontario Securities Commission forensic accountant Albert Ciorma testified that $3 million was transferred from Banknote accounts at CIBC and Scotiabank to Pleterski and his company, AP Private Equity Limited. He confirmed no money was received into those Banknote accounts from Pleterski. Although Foss, Dziedzic and Rumble were signatories on the accounts, Ciorma testified that the records do not establish who authorized the transfers. Foss's lawyer, Brian Kolenda, drew out that point on cross-examination, and Ciorma agreed the majority of records lack that information. Efforts to obtain IP addresses tied to the transfers were made earlier this year, but Ciorma said telecommunications companies have "short retention policies" that made the data difficult to obtain. He also acknowledged he did not perform any signature authentication.
Ciorma's report on Pleterski's personal accounts showed more than $1 million spent on sports cars and hundreds of thousands of dollars on vacations, jewelry, jets and yachts. Ciorma said he did not recall seeing comparable spending in the personal accounts of Foss and Dziedzic. His report also found Rumble deposited nearly $308,000 into Banknote accounts and withdrew nearly $548,000.
Ryan Rumble, a Chatham native, is charged with fraud over $5,000 and uttering a forged document, but has not appeared in court to answer the charges. A Canada-wide warrant was issued for him. He appeared by video from Dubai in a civil proceeding in December 2023 and was pictured in October 2025 at a golf tournament at the Trump International Golf Club Dubai. Kolenda presented an affidavit from a Scotiabank official stating Rumble falsified two letters on Scotiabank letterhead, including one claiming $1 million had been transferred out of the country.
Pleterski is separately on trial, charged with fraud over $5,000 and money laundering for allegedly defrauding investors of tens of millions of dollars in Ontario. He has pleaded not guilty. The trial continues on Oct. 28.
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