SEC, CFTC Sue Over Alleged $170M Metals Ponzi Scheme
Law360 (November 16, 2018, 4:23 PM EST) -- The Commodity Futures Trading Commission, U.S. Securities and Exchange Commission and Utah’s securities regulator filed civil enforcement actions and obtained a temporary restraining order this week against a retail coin shop accused of defrauding at least 200 investors out of more than $170 million through a precious metals Ponzi scheme.
Two days after filing their suit, the CFTC and Utah’s Division of Securities obtained an order Thursday freezing the assets of Rust Rare Coin Inc. and owner Gaylen Dean Rust, who stands accused of tricking investors into believing their funds were being used to buy and sell sales contracts for silver...
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