FARMINGTON, Utah (AP) — Twenty investors who lost money in a Utah coin dealer’s alleged silver Ponzi scheme have sued Zions Bank.
The investors are involved in a federal class-action lawsuit filed Tuesday, claiming the bank “aided and abetted” and “perpetuated” an alleged Ponzi scheme involving Rust Rare Coin Inc. and its owner, Gaylen Rust.
The investors are suing to recoup some of the money they say they lost in the alleged scheme.
Zions Bank Executive Vice President Rob Brough says the bank is reviewing the lawsuit and “we may have further comment,” though “as a general practice, we do not comment on pending litigation.”
Court documents show Rust has not been charged criminally, but FBI agents have interviewed investors.
The suit does not specify how much the plaintiffs are seeking in damages.
