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SALT LAKE CITY (KSL.com) — The man behind one of Utah’s largest-ever Ponzi schemes, which netted over $200 million from victims, now knows his sentence. Gaylen Dean Rust, 62, was ordered Tuesday to serve 19 years in federal prison after he pleaded guilty in December to felony counts of wire fraud, money laundering and securities […]
Gaylen Rust, who owned Rust Rare Coin, was sentenced Tuesday to 19 years in federal prison on fraud and money laundering charges after admitting to running a large Ponzi scheme in Utah.
Gaylen Dean Rust, 62, was found guilty of wire fraud, money laundering, and securities fraud after using his company Rust Rare Coins to trick victims into investing in a ponzi scheme.
Gaylen Rust pleaded guilty Monday to fraud and money laundering in connection with a silver trading Ponzi scheme at Rust Rare Coin in Salt Lake City.
Rust Rare Coin owner Gaylen Rust pleaded guilty to fraud and money laundering in a $200M silver trading scam. The Utah man told investors the money would be used to buy and trade silver, but most of it went to other businesses, personal accounts or to other investors in Ponzi scheme.