So you took it in the shorts when the stock market took a correction and bottom dropped out of the gold market? Well, suck it up, cash in and take your losses, right?
Not so fast there Auric!
From the AAS
By the time auditors and lawyers got access to Bullion Direct’s 14th-floor offices six weeks ago, there were only a handful of gold and silver coins in an office safe. A second vault it had recently rented held only slightly more.
An estimated $30 million in cash, metal bullion and valuable coins, meanwhile, had vanished.
Bullion Direct hadn’t filed a tax return since 2010. What little has been unearthed suggests it was losing money almost from the day it opened its doors. Records also indicate McAllister paid himself hundreds of thousands of dollars in annual compensation.