CFTC Charges Owner of BullionDirect with $16m Precious Metals Fraud

[kreslik.news]

The US Commodity Futures Trading Commission (CFTC) today charged a ‎Texas-based commodity pool operator and his firm in a case involving the ‎operation of a fraudulent precious metals vault, according to a CFTC ‎statement.‎

Charles H. McAllister and his company BullionDirect, Inc. (BDI) were ‎accused of taking money from customers who thought they were getting gold, ‎silver, palladium, and platinum in return. ‎Customers were lulled into the false belief that precious metals ‎had been purchased and were stored in Bullion Direct’s vault, but $16 million worth of their bullions vanished over two years.

The complaint also charges McAllister with making several misleading ... (read more)