Attorney Jay Rust of Stephenville, TX; thieving loser

The state of Texas presented Jay Mac Rust with a law license in 1999 after he graduated from the University of Texas Law School.

In one matter, Jay is facing fraud allegations after the U.S. Securities and Exchange Commission accused him and Colorado Springs attorney Christopher Brenner of collecting $13.8 million from investors for escrow accounts, keeping a portion of that money for themselves and using the rest for undisclosed risky investments. (John Council, Texas Lawyer)

The SEC complaint which was filed in the U.S. District Court in New York City, states that Jay worked as an alleged escrow agent for Atlantic Rim Funding, which was being run by a convicted felon and repeat securities law violator.

Over the course of a couple of years, Jay promised various clients that their investments would be deposited in escrow accounts to secure small business loans through Atlantic that would equal ten times the amount of the deposits. Jay promised the escrow clients that their deposits would be safe and liquid and falsely assured them they would get their money back regardless of whether Atlantic succeeded or failed to secure the loans. However, Jay absolutely knew his assurances were false.

Rather than act as he promised to do, Jay misappropriated (stole) at least $595,000 of the escrow client money. The balance of the $13 million was invested in very speculative and risking trades, which was contrary to Jay’s promises to the escrow clients.

All that’s left now is to see how long it takes for Jay to cop a plea with the Federal Prosecutor in New York.

As we speak (ca. May 2016), Jay practices at 166 South Belknap in Stephenville, Texas.