CFTC $200mn Ponzi Scheme

On Dec. 17, CFTC amended complaint in precious metal fraud.

  • Complaint against Rust Rare Coin and Gaylen Rust charges additional defendants.

Alleged Violation

  • Amended complaint alleges Denise Rust and Joshua Rust, participated in a fraud.
  • Defendants signed checks issued to Silver Pool investors knowing that they were
    Ponzi payments involving repaying money recently contributed by other investors.
  • They transferred investor funds in Silver Pool, from accounts used by Gaylen Rust  and RRC to one or more relief defendants or to help fund RRC’s business activities.
  • Amended complaint also alleges that the Silver Pool fraud is larger than previously alleged, involving over 430 individuals and at least $200 million in investor funds.


  • Nov. 15, court entered an order freezing asset of defendants and relief defendants.
  • In ongoing litigation CFTC sought full restitution to clients, civil penalty, permanent registration and trading bans, and permanent injunction against further violations.