What is Bullion Direct?Bullion Direct Locations, Timings, Email, Phone, Services
Bullion Direct emerged as an online dealer of precious metals, offering services encompassing trading, clearing, sales, and validation of these valuable assets. Established in 1999, the company unveiled its website in May 2000. The platform provided investors with a real-time solution to manage their precious metals holdings, enabling them to place orders and monitor their investments efficiently.
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Nucleo Development assumed responsibility for managing the software aspect of Bullion Direct’s operations. However, on July 20, 2015, Bullion Direct filed a bankruptcy petition under Chapter 11 (No. 15-10940) in the U.S. Bankruptcy Court, Western District of Texas, Austin Division. As a result, the company ceased operations, and visitors to their website would have encountered a notice providing information about the bankruptcy proceedings, including upcoming hearings, deadlines, and the process for filing proofs of claim.
People Behind Bullion Direct: CEO, Owner, Co-Founders & MoreWho owns Bullion Direct? What is the management team behind Bullion Direct?
Charles McAllister served as the president of Bullion Direct. The company’s inception can be traced back to the 1990s when the idea of creating a digital platform for investors to easily buy, sell, and trade precious metals in real time was conceived. Nucleo Development, formerly known as Bullion Direct Software, was responsible for managing the software side of the website. Starting from November 2013, Bullion Direct, Inc. received accreditation from the Better Business Bureau (BBB).
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However, subsequent to that period, the company faced numerous customer complaints. The company is no longer in operation, and it was reported that the owner of Austin’s Bullion Direct Inc. was sentenced to 10 years in prison and ordered to pay more than $16 million to fraud victims.
Bullion Direct Products: Bullion Coins, Bars, And Rare CoinsAll products offered by Bullion Direct
Bullion Direct’s website is no longer accessible, indicating that the company has ceased its operations. This closure is attributed to allegations of illegal fraudulent activities associated with Bullion Direct. The exact nature of these fraudulent activities and the specific details surrounding them was that McAllister spent customer property on BDI corporate expenses, on other investment activities, and for his own personal use and benefit.
Due to the company’s involvement in fraudulent practices, no information regarding its products and services is currently available. Now, the website is under new ownership. After this case, all the reviews from online trusted websites have also been removed. The closure and lack of information are the results of ongoing legal proceedings or regulatory actions taken against Bullion Direct. For more accurate and up-to-date information on the matter, it is advisable to refer to reliable news sources or official statements from relevant authorities.
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Bullion Direct Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the Bullion Direct reviews & complaints
Better Business Bureau (BBB):
On the Better Business Bureau website, the business has no ratings and no customer reviews. They are since 23 years in the industry. Many complaints have been filed against the company and its owner. The company now has no existence in the world of the precious metals industry. Their official website is now under the control of new ownership. This business is also not BBB accredited on Better Business Bureau website.
Business Consumer Alliance (BCA):
On Business Consumer Alliance, the company has AAA ratings in its BCA account. They are in business for 23 years. Currently, they are not in service due to their illegal activities. No customer reviews and complaints are available online, since 2013. After the case filed by many of its customers against Ownwer and the company.
Bullion Direct has only one customer review and complaint on Ripoff Reports. The review provided is negative. The review is attached below.
Bullion Direct Lawsuits: UniCourt, Justia, CasetextHave its customers sued Bullion Direct?
A federal judge has sentenced the owner of Bullion Direct Inc. in Austin to a 10-year prison term and has ordered them to provide restitution of over $16 million to the victims of the fraud.
In 2019, authorities found Charles McAllister, aged 49, guilty of two counts of wire fraud and one count of engaging in monetary transactions with criminally derived property. McAllister, who served as the CEO and owner of Bullion Direct in Austin, received a 10-year federal prison sentence in 2020. A federal judge also issued an order for McAllister to pay restitution exceeding $16 million to the victims affected by his fraudulent schemes.
During the period spanning January 2009 to July 2015, McAllister diverted funds intended for the purchase of precious metals on behalf of customers. Instead, he utilized the money for BDI’s corporate expenses, investment activities, and personal expenses. The scheme had a significant impact, victimizing over 5,800 individuals.
In addition to the prison term and restitution, the judge imposed a three-year period of supervised release after McAllister’s release from prison. U.S. Attorney John Bash expressed satisfaction with the successful prosecution, highlighting a strong stance against such audacious frauds in Texas.
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What are Wire Fraud and Monelaundring?
Wire fraud refers to a criminal offense involving the use of electronic communications or wire transfers to carry out fraudulent activities. In wire fraud, individuals typically engage in intentional deception or misrepresentation for personal or financial gain, utilizing communication channels or wire transfers to facilitate the scheme. Wire fraud can include various types of fraudulent activities such as scams, identity theft, phishing, or other forms of deceitful practices conducted through electronic means.
Money laundering is a criminal act that involves disguising the origins of illegally obtained money or assets in order to make them appear legitimate. It is a process by which the proceeds of criminal activities are transformed into seemingly legal funds. This makes it difficult to trace their illicit origins. Money laundering typically involves a series of transactions or financial maneuvers designed to create a complex web that obscures the source of the illicit funds, making it challenging for authorities to detect or prove the illegal activity.
Money laundering often involves three stages: placement, layering, and integration. During placement, the illicit funds are introduced into the legitimate financial system. In the layering stage, multiple transactions or movements of funds occur to further distance the money from its illegal source, often through complex networks or offshore accounts. Finally, in the integration stage, the laundered funds are reintroduced into the legitimate economy, appearing as if they came from legal sources.
Money laundering is a serious crime with severe legal consequences, as it enables criminals to enjoy the proceeds of their illicit activities and undermines the integrity of the financial system. Governments and law enforcement agencies worldwide have implemented various measures and regulations to combat and prevent money laundering activities.
Is Bullion Direct Legit? Should You Invest With Them?Is Bullion Direct a scam or legit? Are they worth it?
No, Bullion Direct is not a legitimate company. Nobody should invest with them, they are on the list of top fraud firms.
Too many complaints available online
The court has sentenced the company’s owner to 10 years of imprisonment.
Their website has closed.
Not a BBB-accredited business
The owner actively engaged in numerous fraudulent activities, resulting in their subsequent punishment of a 10-year prison sentence and an order to pay restitution exceeding $16 million to the victims of the fraud.
There are widespread claims that the company is a scam company or engaged in fraudulent practices, it is crucial to take such allegations seriously. Fraudulent activities can include misleading customers, failing to deliver products, manipulating pricing, or engaging in unethical practices. These allegations are accurate, investing with them would indeed be a risky decision.