How the LDS Church and Utah State University got tied up in an alleged Ponzi scheme and must now pay back millions

Gaylen Rust allegedly defrauded hundreds of individuals and used proceeds to make charitable donations.

(Trent Nelson | The Salt Lake Tribune) An employee worked on a display at the Rust Rare Coin in Salt Lake City in 2017. The owner of the shop, Gaylen Rust, has been indicted on counts of money laundering. Court receivers are currently trying to claw back the funds he allegedly received improperly and later donated to Utah State University and the LDS Church.

How the LDS Church and Utah State University got tied up in an alleged Ponzi scheme and must now pay back millions

Gaylen Rust allegedly defrauded hundreds of individuals and used proceeds to make charitable donations.

RELATED STORIES

Utah rare-coin dealer indicted in alleged $200 million Ponzi scheme, with proceeds allegedly used to buy thoroughbred horses

Wife of rare-coin dealer indicted for Ponzi scheme cuts a deal

Utah rare coin dealer accused of defrauding investors in a $170 million Ponzi scheme involving silver

Investors who lost money in coin dealer’s alleged silver Ponzi scheme sue Zions Bank, saying bankers ignored warning signs

MOST VIEWED

1

Here’s what Charlie Kirk’s family said as the preliminary hearing for his accused killer begins

2

A neighboring city plans to cut SLC residents off from a cherished open space

3

A once-unthinkable Olympic sport could be added to the 2030 Games — and to Utah 2034

4

Pine Valley’s forests adapted with wildfire. Here’s why the Forsyth Fire was so destructive.

5

Utah’s Cottonwood Fire is already the 6th largest in state history. Here’s a list of the 10 biggest and 3 deadliest.

Sponsored Story

Drunken Kitchen restaurant is now open to all ages.