RUST RARE COIN STOCK SALE

Rob Olson, owner of Erkelens & Olson Auctioneers

A Utah auction house is expecting big business for a rare coin collection.

Thousands of gold, silver and unique coins are currently being auctioned by Erkelens & Olson Auctioneers in Salt Lake City.

"You typically don't have this kind of product in one area at one time," said Rob Olson, who owns Erkelens & Olson. The auction is being held online instead of in person because of coronavirus concerns and the limited number of people allowed inside the building at one time.

The coins belonged to the owner of Rust Rare Coin in downtown Salt Lake City.

Two years ago, Rust Rare Coin was investigated by the FBI and the Securities Exchange Commission after its owners were accused of running a Ponzi scheme, money laundering, and defrauding at least 700 investors of millions of dollars.

One family member, 61-year old Denise Gunderson Rust, has pleaded guilty to money laundering and was sentenced to 18 months in jail and three years probation.

A U.S. District judge has also ordered her to pay $1.7 million in restitution.

Her ex-husband, Gaylen Rust, and their son, Joshua Rust, are also facing federal charges. The criminal cases against them are pending, with a trial currently scheduled for March 2021. The SEC complaint is on hold until the criminal cases are resolved.

Olson's company was chosen by a federal appointed receiver to auction the items and raise money to repay victims of the Ponzi scheme.

To read the complete article, see:
Rare coins being auctioned to help pay victims of Utah Ponzi scheme (https://www.deseret.com/utah/2020/11/14/21565487/rare-coins-auctioned-pay-victims-of-ponzi-scheme-rust-rare-coin)

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