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Date: 10-04-2019
Case Style:
United States of America v. Charles McAllister
Case Number: 1:18-cr-00016-LY
Judge: Lee Yeakel
Court: United States District Court for the Western District of Texas (Travis County)
Plaintiff's Attorney: Dan Guess, Keith Henneke and Robert Almonte
Defendant's Attorney:
Call 888-354-4529 if you need help finding a criminal lawyer in Austin, Texas for a wire fraud or engaging in a monetary transaction with criminally derived property.
Description:
Austin, TX - Federal Jury Convicts Owner of Bullion Direct, Inc. in Austin for Investment and Wire Fraud Scheme
A federal jury convicted 49-year-old Charles McAllister, CEO and owner of Bullion Direct, Inc. (BDI), of money laundering and scheming to defraud customers out of millions of dollars.
The jury convicted McAllister of two counts of wire fraud and one count of engaging in a monetary transaction with criminally derived property.
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. 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.
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. 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.
Agents with the FBI, IRS Criminal Investigation and the Texas State Securities Board conducted this investigation.
Charges:
18:1343.F FRAUD BY WIRE, RADIO, OR TELEVISION and 18:2 AIDING AND ABETTING
(1-2)
18:1957-5800.F ENGAGING IN MONETARY TRANSACTIONS
(3)
Outcome: Minute Entry for proceedings held before Judge Lee Yeakel:Jury Trial as to Charles McAllister held on 10/3/2019 (Minute entry documents are not available electronically.) (Court Reporter Arlinda Rodriguez.) (dm) (Entered: 10/04/2019)
Defendant was found guilty.
Plaintiff's Experts:
Defendant's Experts:
Comments: