State: Ponzi scheme involving Utah rare coin dealer ‘larger than previously alleged’


SALT LAKE CITY — Extra victims have been identified and more suspects named in a multimillion-greenback Ponzi scheme involving a Utah valuable metals and rare coin business, in response to state officers.

On Monday, the Utah Department of Commerce along with the Commodity Futures Trading Commission, the Division of Securities and the Utah Lawyer Basic’s Workplace announced that an amended grievance was filed accusing Denise Gunderson Rust and Joshua Daniel Rust of collaborating in a scheme with Rust Rare Coin Inc. to solicit tens of millions from buyers since 2013 “for the purported function of pooling their cash to purchase silver,” in accordance with a press release from the Commerce Division.

In November, a federal grievance was filed by the Securities and Change Fee towards Rust Rare Coin Inc. and owner Gaylen Dean Rust. Denise Rust is Gaylen’s wife and Joshua Rust is his son.

Based on the amended grievance, the alleged fraud committed by Rust Rare Coin “is larger than previously alleged and includes more than 430 individuals and at the very least $200 million in investor funds.”

Denise and Joshua Rust “knew the Silver Pool was a fraudulent scheme. Denise Rust and Joshua Rust signed checks issued to Silver Pool buyers understanding that these checks have been Ponzi payments involving cash contributed by other buyers,” in response to the Commerce Department’s assertion.

In November, U.S. District Decide Tena Campbell issued a restraining order freezing the belongings of Rust Rare Coin and allowing state and federal officials to “inspect all relevant data,” in response to the statement.

The corporate is accused of tricking buyers since 2008 into believing it was “pooling investor cash for the purpose of getting into into contracts of sale for silver.”


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