Owner of Austin’s vanishing cache of gold and silver charged with fraud


The mystery of what happened to millions of dollars-worth of gold and silver bullion that vanished from a downtown Austin vault two and a half years ago just got a little less puzzling.

On Tuesday, federal prosecutors arrested Charles McAllister, the founder and former majority owner of Bullion Direct, charging him with three felony counts of fraud and misusing money customers gave him to buy gold, silver and platinum on their behalf.

The indictment also said the government would seek more than $16 million from McAllister under U.S. criminal forfeiture statutes. In civil court filings, Bullion Direct’s customers have placed the value of their disappeared money and metal at $25 million.

For more on the arrest of McAllister and the case of the missing gold, visit MyStatesman.com



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