Too Good to Be True: High Returns, High Risk, and the Collapse of the Rust Rare Coin Ponzi Scheme

This episode of Scamalot Fraudcast discusses the case of Gaylen Rust and Rust Rare Coin, one of the largest Ponzi schemes in Utah history. We delve into the investigation of Rust's scheme, Rust's background, and the nature of the precious metals scheme. We also explain how Ponzi schemes work and how to spot red flags in potential investment opportunities.
Since recording this episode, nearly $30 million in restitution has been distributed to the victims, with additional distributions expected as remaining disputed claims are resolved.
Please note that the Department of Commerce, along with its divisions and offices, refrains from commenting on ongoing and current investigations. Statements are issued only after action is taken against a business or individual.
Our guest this week is Elizabeth Blaylock, Chief Enforcement Manager at the Utah Division of Securities. This podcast is hosted by Patrick Fitzgibbon and produced by Katie Scheuch.

Links mentioned in this episode:
• Verify a license: securities.utah.gov/licenses/verify-a-license/

• Scam education: scams.utah.gov

• Utah Division of Securities: securities.utah.gov

Utah Department of Commerce: commerce.utah.gov