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robertmbeard

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Reply with quote  #1 
I'm currently reading "Currency Wars" [2011] by James Rickards;  it's a fascinating read.  On pages 152-154, he describes Dubai as the modern equivalent of Casablanca.  Dubai is a crossroads frequented by Russian oligarchs, Iranian smugglers, arms dealers, currency transporters, and wholesale dealers in gold jewelry and bullion. 

On page 154, he describes the gold souk, a vast marketplace of gold dealers of all types, especially selling jewelry, where sales and exports occur "no questions asked."  He also describes a commodities center with one of the world's largest, most secure, underground vaults, managed by Brinks, where converting and storing wealth as untraceable gold is used by all of the world's shady characters.

I'm not one for wild speculating, but given that Charles McAllister has a known trip reimbursement paid in early June 2015 for an earlier trip to Italy and Dubai, one wonders what he may have been doing on that final "business" trip.  Could our $32 million of missing gold and silver bullion be stored in Dubai?
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nobody

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Reply with quote  #2 
Without sharing information that I'm not sure others have shared here yet, the only reason I've ever heard for why he went abroad (and charged the company) makes no sense in light of the move to IDS.

Added/Found in the forum:

Quote:

... the Dubai and Italy trips were regarding companies that would assist with a packaging system.


Ok, so there it is - basically a packaging system -- for what? He wasn't receiving goods, or shipping goods, both were outsourced to IDS -- well before may -- who doesn't need (or want) your random 3rd party shipping system inside their vault space.

Financial repackaging maybe [tounge2]
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robertmbeard

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Reply with quote  #3 
It also doesn't make sense being 2 months before declaring bankruptcy. 

When I first started accessing this Forum shortly before the July 20th bankruptcy filing (initially as a guest...), to find out how many others were not getting their shipments from Bullion Direct, I started suspecting that Charles McAllister was waiting 91 days after laying off his employees before filing for bankruptcy.  I thought perhaps he might be trying to avoid his employee's chances of a 90 day clawback from the BK court.  I also thought maybe he was intentionally not fulfilling catalog order shipments and cash/product draws during those 91 days, perhaps for similar clawback reasons.  Of course, that was speculation on my part.  But JG, I think, had sources saying employees were let go in April.  July 20th would be about 91 days later...  Also, customers complaining of unfulfilled orders dated back to April, as best as I could tell from the subset accessing this Forum... 

So, Charles McAllister took a "business" trip to Italy and Dubai during the 90 days prior to filing for bankruptcy, when he was the only remaining employee of BDI and Nucleo, if what I heard above is correct.  That is not only odd but is very suspicious...  I would hope that the FBI is trying to trace any leads about that "business" trip, to see what they can find. 
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jkline

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Reply with quote  #4 
Would be interested to know the mechanics of how CM would get $35 mill in gold out of the country.  Other than private jet, I just don't see how he could do it without a paper trail.
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JG

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Reply with quote  #5 
Quote:
Originally Posted by nobody

Quote:

... the Dubai and Italy trips were regarding companies that would assist with a packaging system.


Ok, so there it is - basically a packaging system -- for what? He wasn't receiving goods, or shipping goods, both were outsourced to IDS -- well before may -- who doesn't need (or want) your random 3rd party shipping system inside their vault space.


The company I heard it was is Systech (and Certiline in Italy). It was apparently for a packaging system using e-fingerprint technology. I cannot confirm that he went to either or both companies, or that he didn't make any side trips while in those countries.


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JG

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Reply with quote  #6 
Quote:
Originally Posted by robertmbeard
It also doesn't make sense being 2 months before declaring bankruptcy.


In his mind, this empire was going to last forever. What is $1,167.53 for Dubai & Italy trips when you give yourself a $30K severance package?

If he really is doing massively illegal transactions in Dubai (I consider stealing $30M and hiding the assets from a bankruptcy court to fit that category), I would hope he would be smart enough to not ask to be reimbursed that small an amount for the trip, when he could instead just add $1,200 to his severance package and no mention of Dubai would appear in court documents.

It is possible that the trips were from months earlier, and he only got around to reimbursing himself in June.

I had thought all employees were gone in mid-March, but have heard that there were about 4-5 employees at the very end. That could just mean after the move, that they squeezed 4-5 of the remaining employees into the rented office suite, or it could mean up until the last days. I do believe that Natasha (the accountant) was working there at the end (she is listed as having worked there until June 30).

But if he did take the trip after all or nearly all his employees were gone, that would be quite suspicious.

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bull123

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Reply with quote  #7 
Why would he need an e-fingerprint technology for shipments when he wasn't really into buying products to fill orders?

The more I hear about Charles McAllister, the more I think of him being in prison stripes, locked away from the rest of the population.

So we can all be protected from him ... Life is difficult enough without that Prick making it worse.

by the way ... what is quite suspicious ... is folks sending him money ... and getting goose feathers in return
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robertmbeard

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Reply with quote  #8 
jkline and JG:

I agree completely that it's unlikely he could move a large amount of bullion to Dubai without a paper trail and that it would be foolish to include travel reimbursement, if he was trying to cover his tracks.  But a side trip while in Dubai, to check or add a little to his personal stash, is easy to contemplate.  And as JG pointed out, he could have been late in processing part of his travel reimbursement;  so, the actual trip may have been sooner.  Without any hard evidence, you can only speculate and hope the FBI checks out that lead.  Concerning pure speculation, if the Dubai trip was 6-9 months before filing for bankruptcy protection, it could have been contemporaneous with the BDI vault contents move from Texas to Delaware (IDS).  Could a small portion of bullion have been diverted to Dubai during that move? 

In the absence of hard evidence, if I had to guess based purely on probabilities, I'd expect most of the $32 million of lost bullion was due to salaries and other business operating expenses significantly in excess of BDI's revenue stream over 15 years of operation.  But I could also easily expect some small percentage of actual bullion syphoned off somewhere in Charles McAllister's personal stash.  There likely would not be a paper trail;  but, Charles McAllister doesn't strike me as a smart criminal, so maybe not...  Let's hope the FBI investigation turns up some good news on those fronts...
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robertmbeard

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Reply with quote  #9 
One plausible legitimate business reason for a Dubai trip would be to check on possibly purchasing some gold bullion on the international wholesale market at the gold souk.  If Charles McAllister thought he could get a good deal and keep BDI limping along a little longer, that would make more sense than checking on e-fingerprint shipping technology. 

All I can say is that the more we learn about Charles McAllister's activities, the more suspicious it appears to be.  Perhaps his main characteristic as a businessman was incompetence and excessive, wasteful spending.  But his fraudulent statements to BDI customers shows a devious, calculating side, which makes you wonder about some of these extraneous "business" trips and activities...
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bull123

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Reply with quote  #10 
why would he need to risk diverting Gold to Dubai when he could just bury it in Mom's backyard?

or maybe he wasn't really into buying Gold at all (that's why the fetish of not filling orders)

he preferred cash ... cash can be spent ... gold needs to be turned back into cash to be spent

one extra step in the process ...

The government is not going to look at any of these things ... they think folks who buy Gold are the tin hat crowd.  They are going to give him a slap on the wrist or maybe a few years in prison and then move on to a case that involves something they want to brag about on TV.

Gold doesn't fit that profile ...

They really need to license these Gold dealers so this stuff doesn't happen.

His vault should have been inspected annually by the state of Texas and the minute stuff went missing he should have been closed down.

Just like a food inspector at your favorite local eatery.
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JG

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Reply with quote  #11 
Quote:
Originally Posted by bull123
Why would he need an e-fingerprint technology for shipments when he wasn't really into buying products to fill orders?


Because of Nucleocore. Not everything that looks wrong is (but everything that looks wrong is certainly worth investigating!).

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robertmbeard

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Reply with quote  #12 
bull123:

I don't think state/federal licensing of gold dealers is an effective answer.  Licensing adds bureaucratic cost, gives na├»ve people a warm/fuzzy sense of safety, but is only just a piece of paper.  Having state/federal inspections of the vault theoretically would be more effective, but also costly.  And if you give the state or the Feds that power, it will likely be abused relative to honest gold dealers. 

In my humble opinion, the most effective techniques are private, industry-led approaches to self-monitoring and reporting of 2nd rate activities.  Along those lines, just having a website like JG's, where you can collect some data on shipping times by various gold dealers, is a big help to identify potential early warning signs.  As a customer, if you knew of online resources you could check, before making a purchase, that would help keep bullion dealers in the industry on their toes and honest, you would have more meaningful peace of mind -- certainly more than just a business saying it has a piece of paper from government indicating a "license." 
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bull123

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Reply with quote  #13 
this website (JG) is one of the best things that's happened to the Gold industry

if it wasn't for JG ... where would you read about this ???

Have you guys seen all the fake bullion coins coming over from Alibaba.com?

APMEX is one of their favorite targets ... they have bars with the actual APMEX logo ...

they are shipping tens of thousands of them into the USA on a monthly basis

they use real Gold on the outside (about 1/6th an ounce) and then fill the middle with steel

so they can pass scratch tests etc ...

they have the weights perfect ... the look is perfect ... it makes you wonder what is real and what isn't so real.

The Chinese are eating our lunch (Trump is right on this)
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robertmbeard

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Reply with quote  #14 
bull123:

I haven't heard about the Alibaba fake coins you refer to, but I would not be surprised if it is true.  Discerning customers who value quality, authenticity, and business ethics would never do business with Chinese communists.  The Chinese communist companies have a very bad reputation in all of those categories, especially as copycats ripping off the designs of American and European engineers.  So, I don't buy Chinese products unless there is no other option.  As a result, I stopped going to China Mart (Wal-Mart) many years ago.  If the Chinese apologize for unethical business practices, respect international patents, and clean up there other activities, I'd be happy to buy their products.  Until then (if ever), no such luck...

Concerning Trump, I understand his appeal as not being the typical corrupt Washington politician, like 95% of them.  However, in my humble opinion, he has done well in all his past company bankruptcies, with several customers and suppliers losing in those bankruptcies (sound familiar?).  I'm not saying he is a Charles McAllister dirt bag.  But, Trump has shown himself to be power-hungry, inconsistent in policy views, and therefore untrustworthy.  Having said that, if the final decision is between Trump and a socialist dirt bag (Bernie or Billary...), I'd vote Trump with no hesitation...  While that's not a ringing endorsement, it does follow my typical approach to voting -- vote against incumbents and "establishment" types, because turnover is better than entrenchment and maximum corruption... 
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au

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Reply with quote  #15 
according to his daughter he was likely out there in early April.  -au
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