'I haven't done anything criminally wrong': Arrest warrant issued for 'crypto king' associate in Dubai

Banknote Capital's Ryan Rumble (left) and self-described 'crypto king' Aiden Pleterski (right).

An Ontario judge has ordered the arrest of an associate of the self-proclaimed ‘crypto king’ after he refused to surrender his passport and claimed he fled to Dubai instead.

Ryan Rumble was found in contempt of court on Thursday after he ignored a court-issued order to surrender his passport by Dec. 1, after a deadline extension was granted to the Chatham, Ont., resident.

Rumble allegedly collected $14 million in investments from members of his community to operate a Ponzi scheme, feeding nearly one-third of the funds to Aiden Pleterski, a 25-year-old who allegedly operated a $40 to $100 million investment scam, according to court documents filed in a civil lawsuit.

So far no criminal charges have been filed against Pleterski, though bankruptcy proceedings are ongoing as investors try to recover millions.

Rumble, similarly, is not facing criminal charges. He was initially ordered to surrender his passport as part of civil proceedings stemming from his participation in the alleged Ponzi scheme.

“This is a civil matter. I haven't done anything criminally wrong,” Rumble said, appearing virtually in court on Dec. 14 wearing a baseball cap.

He claimed to be in Dubai, though his location was unidentifiable.

Of Pleterski’s associates, Rumble’s arrest warrant was the first to be issued in the case. The court ruling orders a province-wide arrest warrant be issued and that Rumble remain incarcerated until he “purges his contempt.”

Justice Paul Howard ordered the Royal Canadian Mounted Police to issue an arrest warrant, and Canadian Border Services Association to seize Rumble’s passport, along with arresting and transferring him to a police agency if he attempts to cross a Canadian border. The Chatham-Kent Police Services have been asked to go to Rumble’s house as soon as possible to arrest him if he is present.

“This was a pretty important date for us today to get that arrest warrant. I think it helps to give us reassurance in the justice system that he won't be able to run around the world with zero repercussions like Pleterski has,” Emily Hime, a 31-year-old mother spearheading a class action lawsuit against Rumble told CTV News Toronto after the court proceeding on Thursday.

Pleterski has travelled to Australia, Miami, Los Angeles and London in recent months.

“Our fear would be that he’s over there and he’s dissipating assets,” she said, speaking about Rumble.

Norman Groot, a fraud recovery lawyer representing the plaintiffs in a class action against Rumble, said, “this case shows that if you put the appropriate evidence before the court, the reckless spending of a rove involved in a Ponzi scheme can be put to a stop.”

'I’M SACRIFICING TIME WITH MY FAMILY'

Rumble turned his camera on in court, at the judge’s request. He appeared from an unidentifiable location with only white walls in view.

“I'm sacrificing time with my family. It's Christmas time. I'm not going to be home for Christmas,” Rumble said, representing himself in court. “I get it. I'm in contempt of court. I understand that but it puts me in a very, very difficult position.”

Rumble repeated his assertion that Dubai is the only place where he could find work in order to pay back investors who he owes money.

He previously explained in a cross-examination on Nov. 23 that he has a residency permit in the United Arab Emirates and is in the process of finalizing a one-and-a-half month consulting contract with a company called Enigmaa. Rumble claimed that he did not bring cash or credit cards with him to Dubai and that the company was financially supporting his stay.

After the examination Rumble sent Groot an employment contract. The fraud litigator said there was no evidence that it was an authentic document. Prior to his current contract, Rumble said he was working on a friend’s farm near London, Ont., in Sept. 2023.

In his latest cross examination, Rumble was asked about a slide deck that became the tipping point for employee-turned-whistleblower Brock Tedford. As previously reported, Tedford filed a complaint to the Ontario Securities Commission in early 2023 alleging Rumble pocketed investments.

The powerpoint in question, which CTV News Toronto has obtained, claimed the company Rumble operated, Banknote Capital, which was petitioned into bankruptcy last month, had “$100 million plus in current assets under management” at the time.

The first meeting of creditors in the Banknote bankruptcy proceeding took place on Friday. Rumble attended virtually, saying he was in Dubai and refused to turn his camera on. The environment was intense and confrontational, according to Hime, who said Rumble showed “zero remorse” despite some investors crying and raising their voices.

When asked where the $100 million was stored, Rumble said, “I don't really know, Norman. I don't remember how we came up with that, to be honest with you.”

CTV's W5 is working on a documentary about the Aiden Pleterski case. If you have any tips please email [e-mail]