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Utah fraudster, 62, who conned at least 568 victims out of $225, m is jailed

Lawsuit involving Ponzi scheme donations to USU settled; man pleads guilty in related case

Lawsuit filed against USU to retrieve Ponzi scheme donations

“There are no winners here,” said Wayne Klein, a court-appointed conflicts receiver tasked with retrieving around half-a-million dollars fraudulently donated to Utah State University. “The investors aren’t going to get all their money back, Utah State is getting shafted and everybody’s a loser.” 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 “operated a massive Ponzi scheme through which he and others defrauded over 430 individuals out of over $200 million.”

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