SALT LAKE CITY — A court-appointed receiver announced Monday that he has returned $23.2 million dollars to victims of what was called the largest Ponzi scheme in Utah history.
That’s still just a fraction of the estimated $200 million investors lost in the Rust Rare Coins fraud. The receiver, attorney Jonathan O. Hafen, said more money could be distributed to victims as pending litigation and claims are resolved.
In a statement, Hafen thanked a variety of federal and state agencies and his fellow attorneys at Parr Brown Gee & Loveless who worked to track down and liquidate assets.
“This has been an incredibly complicated case,” Hafen said, “and the victims and I have been well-served by these professionals, who care deeply both about the quality of their work and about successfully assisting the victims in putting their financial lives back together.”
Gaylen Rust, his then-wife and their son all pleaded guilty to fraud related to the scheme . The family operated Rust Rare Coin in downtown Salt Lake City.