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Lawsuit Filed Against USU To Retrieve Ponzi Scheme Donations
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Realignment Of Intersection In Logan To Begin Monday
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Editorâs Note: The following story was supported by funding from The Water Desk, an initiative of the Center for Environmental Journalism at the University of Colorado, and was reported by The Utah Investigative Journalism Project in partnership with The Herald Journal, The Spectrum, The Daily Herald and The Standard Examiner.
Bret Christensen heads a water company older than the state of Utah. The Richmond Irrigation Company was founded in 1889. His father was president of the company before him and his grandfather was the first to put gravity pressurized irrigation into Cache Valley decades before that.
Christensen spoke casually with a reporter on the phone while at the same time giving directions to employees at a worksite and hammering on a water pipe. He was only flustered when asked how long he had been in the business.
âThere are no winners here,â said Wayne Klein, a court-appointed conflicts receiver tasked with retrieving around half-a-million dollars fraudulently donated to Utah State University. âThe investors arenât going to get all their money back, Utah State is getting shafted and everybodyâs a loser.â
In June, Klein filed a federal lawsuit against USU to retrieve nearly $545,000 after the university was the recipient of donations from a Ponzi scheme.
According to the complaint filed with the United States District Court for the District of Utah, Salt Lake City coin shop owner Gaylen Dean Rust âoperated a massive Ponzi scheme through which he and others defrauded over 430 individuals out of over $200 million.â
JG named best daily newspaper in state | Local | The Journal Gazette
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