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.” Read the rest of the story on HJnews.com.
This story is made possible thanks to a community reporting partnership between The Herald Journal and Utah Public Radio.
