Coin salesman sentenced to 19 years for silver Ponzi scheme

SALT LAKE CITY (AP) — An antique coin salesman found guilty of running a $200 million silver trading scheme, will serve 19 years in prison after a court found him guilty money laundering and fraud. U.S. District Court Judge Ted Stewart sentenced Gaylen Rust to the full amount of time requested by prosecutors on Tuesday in a case he called one of the largest Ponzi schemes in Utah history. Rust operated Rust Rare Coin with his family. He solicited funds from hundreds of people for a “silver pool” scheme and pled guilty to using investors’ money to lure additional backers and fund purchases including a $2 million home.