Home » Who was Gaylen Dean Rust?(Smooth talking’ rare coin dealer-turned Ponzi schemer conned at least $225million from friends’ children and victims he met through CHURCH) Wiki, Bio, Age, Instagram, Twitter & Quick Facts
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Who was Gaylen Dean Rust?(Smooth talking’ rare coin dealer-turned Ponzi schemer conned at least $225million from friends’ children and victims he met through CHURCH) Wiki, Bio, Age, Instagram, Twitter & Quick Facts

Gaylen Dean Rust

Gaylen Dean Rust Wiki

                                      Gaylen Dean Rust Biography

Who was Gaylen Dean Rust?

Gaylen Dean Rust, 62, of Layton, was found guilty of wire fraud, money laundering and securities fraud on Tuesday for using her company Rust Rare Coins to trick victims into investing in a ponzi scheme.

Rust was sentenced to 19 years in federal prison and ordered to pay $153 million to those he defrauded.

He was helped by his ex-wife Denise, who said she was an “unwitting pawn in Gaylen’s world,” and at least one of his five adult children, authorities said.

He pleaded guilty to wire fraud and has already served 18 months in jail. Rust’s son, Joshua Rust, 39, pleaded guilty to one count of committing a felony.

Victim

Rust’s victims included family members, children of friends and people he met at the Church of Jesus Christ of Latter-day Saints, local news station KSL reported.

From 2002 to 2018, Rust convinced at least 568 people to invest in RRC’s fraudulent silver trading program, telling them that 100 percent of their investments would be used to buy silver bullion and that they would receive a profit of 25 to 25 percent each year.

Rust used the money from the new victims to pay off older investors, but had almost no silver stored at Brinks Global Services, where he claimed RRC held $80 million worth of material.

He also spent the money on his other businesses and withdrew $18 million into three personal accounts at Zion’s Bank.

Family

Those who defraud family, friends and associates of their hard-earned savings will be held accountable,” said Acting United States Attorney for the District of Utah Andrea Martinez.

“Unfortunately, the reality of these cases is that the victims’ money is almost always spent by the perpetrator of the crime or paid to other victims.”

Civil lawsuits filed late last year by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Utah Securities Division say Rust, his wife and son persuaded hundreds of friends, clients and trading partners across the country to invest in their bogus silver trade. swimming pool.

Rust was a longtime businessman in Layton, where he ran a coin shop started by his father in 1966.

Rust’s ex-wife says she was not involved in the scheme

He also founded a charity called Legacy Music Alliance that funded arts programs in schools.

A 2013 admiring profile in The Salt Lake Tribune called Rust “the greatest advocate for arts education in the state.”

“We hope that a 19-year prison sentence and a $153 million-plus money order will send a message to the community that the US Attorney’s Office is committed to prosecuting financial crimes,” Martinez said.

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