Criminal Law
An Antique Coin Salesman Is Sentenced to 19 Years in Prison For a Ponzi Scheme
An antique coin salesman who pled guilty to money laundering and fraud charges stemming from a $200 million silver trading scheme was sentenced to 19 years in prison on Tuesday in what a federal judge called one of the largest Ponzi schemes in Utah history.
U.S. District Court Judge Ted Stewart handed out the full 19-year sentence requested by prosecutors to Gaylen Rust, FOX-13 reported.
Gaylen Rust pled guilty to soliciting funds at his family business, Rust Rare Coin, for a silver trading program and for years paying out money from new investors to old ones to create an impression that the investment was profitable and keep the scheme going.
