Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

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tdtwedt
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Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby tdtwedt » Sat Nov 17, 2018

Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

SALT LAKE CITY — A federal judge has frozen the assets of a Utah rare coin dealer after the Utah Department of Commerce and others accused the business and its owner of defrauding at least 200 people of more than $170 million since 2013.

A federal complaint was filed Thursday in Utah by the Securities and Exchange Commission against Rust Rare Coin Inc. and owner Gaylen Dean Rust.

The Utah Department of Commerce says the company and Rust have defrauded customers in Utah and 16 other states, including receiving "at least $42 million from investors in a pool that purportedly bought and sold silver," according to a press release issued Friday by the Commerce Department in conjunction with the Commodity Futures Trading Commission and Division of Securities.


https://www.ksl.com/article/46428828/ut ... nzi-scheme
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toddler81
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby toddler81 » Sat Nov 17, 2018

:shock: I've bought from him on ebay...wow...
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justoneguy
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby justoneguy » Sat Nov 17, 2018

If you can't hold it,
You don't own it.

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toddler81
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby toddler81 » Sat Nov 17, 2018

justoneguy wrote:If you can't hold it,
You don't own it.


I forget what it was, but nothing too major. Maybe a SLQ. And I hold it. :D
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1/20: 2011
1/10: 1994,2000,03


:wanted: 1998 SILVER PROOF LIBERTAD FRACTIONALS (1/20, 1/10, 1/4)

:wanted: 2007, 2008, 2012 kangaroos on card
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7aw2tr4
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby 7aw2tr4 » Sun Nov 18, 2018

Reminds me of "Tulving" ....never heard exactly what became of those crooks..
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby fredzoyt » Sun Nov 18, 2018

7aw2tr4 wrote:Reminds me of "Tulving" ....never heard exactly what became of those crooks..


I don't remember all the details, but I think they got nailed pretty good.
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BarsandStars
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Re: Utah rare coin dealer accused of running multimillion-dollar Ponzi scheme

Postby BarsandStars » Tue Nov 27, 2018

He was in a large dealer network/group that i'm in and fleeced several other dealers aside from his stealing Mormon artifacts. The guy would make Bernie Madoff proud.
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