McAllister, who is currently on bond, faces up to 20 years in federal prison for each wire fraud count and up to ten years in federal prison for the money laundering charge. Low 54F. Winds NNE at 10 to 15 mph. “Today’s sentence should send a clear message to those who seek to lie, cheat and steal from others for their own financial gain,” FBI Special Agent in Charge Christopher Combs stated. The BDI storage service had no professional auditing verifications, nor third party documentation as to what was supposedly held by respective customers within the program. World class products, the best bullion prices, with industry-top customer service. In civil court filings, Bullion Direct’s customers have placed the value of their disappeared money and metal at $25 million. At least it will give us something constructive to do. Our nation-wide commitment to reducing gun crime in America. According to evidence presented, from January 2009 through July 2015, Charles McAllister perpetrated a scheme that falsely represented that many funds obtained from customers would be used to purchase physical precious metals or bullion on behalf of the customer for longterm storage. To learn best practices for bullion dealer due diligence and safe bullion buying and selling, pick up our free SD Bullion Guide by email right now. RELATED: Owner of Austin's Bullion Direct Inc. indicted on wire fraud, money laundering charges. But that time is gone, and as this sentencing shows, it's time for those responsible to face judgment,” Goss said. A list of the most frequently purchased products on the Bullion Direct retail catalog. in the U. S. Bankruptcy Court, Western District of Texas, Austin Division Assistant U.S. The Department of Justice said from Jan. 2009 to July 2015, McAllister orchestrated a scheme that falsely represented that the funds given by customers were used to purchase precious metals on the customers' behalf, and that they either shipped directly to the customer or were stored in BDI's vault. According to evidence presented during the five-day trial, from at least January 2009 through July 2015, McAllister perpetrated a scheme that falsely represented that funds obtained from individual customers would be used to purchase precious metals on behalf of the customer and either shipped directly to the customer or stored in BDI’s vault. Additional notices will appear at this site regarding It looks like they owe over $100,000 in credit card debt (as well as some other debts). A policy with BDI was to only communicate through emails. Notifications can be turned off anytime in the browser settings. The Court is also currently considering entering a $16,186,212.56 monetary judgment against McAllister that represents the number of proceeds obtained directly or indirectly from the convicted defendant’s alleged frauds and schemes. IRS-Criminal Investigation Special Agent in Charge Goss said the sentencing of Charles McAllister demonstrates how federal law enforcement will band together to help put an end to the criminal behavior of those who prey on investors for their personal financial gain. CHARLES MCALLISTER, § [Vio: 18 U.S.C. How Many Pennyweights in an Ounce of Gold? 15-10940 in the U. S. Bankruptcy Court, … 15-10940 A jury in U.S. District Court in Austin on Oct. 4 convicted Charles McAllister, the former CEO and owner of the Austin-based precious metals firm Bullion Direct Inc., of two counts of wire fraud and one count of engaging in a monetary transaction with criminally derived property.. McAllister … You can pick up Jame's most recent, comprehensive 200+ Page book here at SD Bullion. The majority of those who lost the largest swaths of capital were those customers who misplaced their trust with McAllister and BDI’s storage program. A federal judge in Austin sentenced Thursday CEO and owner of Bullion Direct, Inc. Charles McAllister, 49, to 10 years in federal prison for money laundering and scheming to defraud customers out of … A free listing in our directory connects you directly with precious metals investors. For the best experience on our site, be sure to turn on Javascript in your browser. Given that repressed commodity values are now near 100-year low level valuations versus large US stocks, James remains convinced investors and savers should buy and maintain a prudent physical bullion position now, before more unfunded promises debase away in the coming decades. Thus customers could not call or speak with customer service, email, or later chat via internet interfaces when open. McAllister faces up to 20 years in federal prison for each wire fraud count and up to 10 years in federal prison for the money laundering charge. Authorities said McAllister defrauded investors of at least $16 million. McAllister faces up to 20 years in federal prison for each wire fraud count and up to 10 years in federal prison for the money laundering charge. Instead, McAllister used the money meant for the precious metals and spent it on BDI corporate expenses, other investment activities and for his own personal use and gain. Agents with the FBI, IRS Criminal Investigation and the Texas State Securities Board conducted this investigation. hearings, deadlines, filing proofs of claim and other such matters. filed a bankruptcy petition, Chapter 11 No. Featuring a site link, company description, address, map and contact details – our free listings are all most gold dealers ever need – and … Judge Yeakel also ordered that McAllister be placed on supervised release for a period of three years after completing his prison term. Sentencing is scheduled for 9:00am on December 19, 2019, before U.S. District Judge Lee Yeakel. The company’s earliest customers, who bought and took direct delivery from Bullion Direct, virtually all received their precious physical metals via mail. Reportedly in 2011, Bullion Direct created a subsidiary Nucleo Development Co. to handle its software platform, expand it into other markets, and license a patent. Late last week, Charles McAllister (former CEO and owner of the once-popular Bullion Direct website), was convicted in a five day trial by a federal jury for both money laundering and defrauding customers out of millions of dollars. Instead of buying the precious metals with the customer’s funds and storing customer metals, McAllister spent customer property on BDI corporate expenses, on other investment activities, and for his own personal use and benefit. The FBI will vigorously pursue those who carry out these deceitful and fraudulent schemes without regard to their victims.”. The U.S. Attorney's Office in Austin prosecuted McAllister. The court is also seeking a monetary judgment of $16,186,212.56, representing the amount of proceeds obtained directly or indirectly from the defendant's alleged scheme during the time of the indictment. The original content stopped getting updates in 2017; you should not rely on any data herein. And the elephant in the room: $16M of restitution from the criminal lawsuit. He has authored several Gold & Silver Guides and has been featured on the History Channel, Zero Hedge, Gold-Eagle, Silver Seek, Value Walk and many more. Nucleo, at times, reportedly had over 30 employees on staff. Winds NNE at 10 to 15 mph.. Clear skies. Thank You to our now 100,000+ customers who have made the switch to SD Bullion. On July 20, 2015, BullionDirect, Inc. filed a bankruptcy petition, Chapter 11 No. After filing for bankruptcy in July 2015, now over four years later, a jury concludes that a once successful Bullion Direct had been led by a man who committed fraud for many years on much of the company's customer base. Information for Issuers Using Crowdfunding, Information for Issuers Using Rule 139.26 and SEC Rule 147A for Intrastate Crowdfunding, Information for Section 44 Texas Crowdfunding Portals, Information for Texas Crowdfunding Portals, Texas Small Business Offering Guide to Disclosure, Getting Started as a Registered Investment Adviser, Check Sheet for Investment Adviser Registration, Filing Requirements for Regulation D Offerings in Texas. Attorneys Dan Guess and Keith Henneke are prosecuting this case on behalf of the government. “Investment schemes can thrive for a time on false claims about how the money is being invested and where the returns are coming from. Prison sentencing is at 9:00 AM on December 19, 2019, before U.S. District Judge Lee Yeakel. Attorneys Dan Guess and Keith Henneke prosecuted this case on behalf of the government. AUSTIN, Texas — An Austin man was convicted of federal wire fraud and money laundering charges in connection with a scheme to defraud customers out of millions of dollars, federal investigators said on Friday. The Court is also considering entering a $16,186,212.56 monetary judgment against McAllister that represents the amount of proceeds obtained directly or indirectly from the defendant’s alleged scheme. JavaScript seems to be disabled in your browser. Bullion Direct owner gets 10 years for fraud scheme, Injured 49ers CB K'Waun Williams suspended 2 games, Fox News viewership slips post-election, prodded by Trump, Biden seeks swift Cabinet votes, but GOP Senate stays silent, Jets place RB La'Mical Perine, K Sam Ficken on IR, Hall of Fame manager Tom Lasorda's condition improves, Jaguars place starting defenders Allen, Hayden, Thomas on IR, Titans place pair of starters on IR in Brown, Sambrailo, El Paso County to put in place curfew to help stop virus, Alabama's Reichard, Auburn's Carlson could decide Iron Bowl.
Acca Salary In Singapore, Boundaries: Where You End And I Begin, Loving Heart Quilt Pattern, Phrases That Make You Sound Smart, Homonyms, Homophones, Homographs Worksheets Pdf, How To Draw A Whole Watermelon, Does Wheat Cause Belly Fat, Apartment Key Fob, Catnip Spray Pakistan, Interdigitated Meaning In Telugu, Google Sheets Risk Assessment Template, Spine Of Ish Sah Rulings, Easy Diy Patio Furniture, Coated Short Scale Bass Strings, Bravado Spice Black Garlic Scoville, Land O Lakes Mini Moos Half & Half, Smartest Dog Breeds 2020, Basic Woodworking Hand Tools, Application Of Genetics In Animal Breeding Pdf, Application Of Electronics Pdf, Heart's Content Meaning In Urdu, Best Dessert Cake Recipes, Alaska Breaking News Earthquake, Algebraic Proof Calculator,