Rust Rare Coin Investors Retain Goldman Scarlato & Penny Investor Rights Lawyers, File Class Action Lawsuit to Seek Compensation for Losses

SALT LAKE CITY, Jan. 9, 2019 /PRNewswire/ -- Rust Rare Coin investors represented by the investor rights lawyers at Goldman Scarlato & Penny, P.C. law firm and their co-counsels have filed a class action lawsuit against Zions Bank seeking to recover losses they suffered in connection with their investment in Rust Rare Coin's "Silver Pool" alleged Ponzi scheme. Securities attorney Alan Rosca and his colleagues have met with numerous investors and plan additional proceedings.

The lawsuit follows enforcement actions by government regulators against Gaylen Rust and Rust Rare Coin, alleging that Rust raised almost $200 million from investors based on false statements that the money would go into a "Silver Pool" to trade physical silver. In reality, Rust was not trading silver but instead was using new investor money to pay prior investors, all the while diverting investor money to his personal, unrelated businesses and to himself. The government regulators shut down the scheme and asked a Court-appointed Receiver to unwind Rust's affairs.

The class action lawsuit filed by the Goldman Scarlato & Penny lawyers and their co-counsels seeks to recover losses suffered by investors in the Silver Pool. According to the lawsuit, Zions Bank had a close relationship with Rust and his business, understood Rust's financial affairs, and knew that Rust was accepting investor money in the Silver Pool Investment Account at Zions Bank. The lawsuit alleges that Zions Bank provided crucial assistance to Rust's scheme and failed to stop the scheme even after discovering that investor money held in accounts at Zions Bank was being used for Ponzi payments and misappropriated. The lawsuit seeks to hold Zions Bank accountable for its role in the alleged scheme.

What Rust Rare Coin Investors May Do

Rust Rare Coin investors may have options to seek recovery of their losses. If you invested in Gaylen Rust's Silver Pool, you should contact the Goldman Scarlato & Penny attorneys Alan Rosca, Paul Scarlato, or Mark Goldman to learn more about your loss recovery options and also to provide any useful information, toll free at 888-998-0530, or via email at [email protected]. Also, visit www.rustrarecoinsinvestigation.com for more information about the Rust Rare Coin matter and for a copy of the complaint.

© Goldman Scarlato & Penny, PC, 2019, www.investorlawyers.org . This release includes attorney advertising.

SOURCE Goldman Scarlato & Penny, P.C.

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