March 8, 2022

The owner and operator of Rust Rare Coin, Inc. (RRC), Gaylen Dean Rust, has been sentenced to 19 years in prison for running a 12-year Ponzi scheme that defrauded 568 victims of over $153 million.  Many of the victims were his own family, friends, and fellow church members, whom he’d convinced to invest in RRC’s silver trading program through false promises.  Rust was also convicted of laundering $18 million in fraud proceeds through three personal bank accounts.  USAO UT

Tagged in: Financial and Investment Fraud,