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Senior Member
Posts: 299
Reply with quote  #1 
Thanks for posting and updating the information around McAllister's indictment, JG.

It was really interesting what was said around the lawyers not having the full picture and that BD was advised to quit using NON-IRA metals to fund expenses (but chose to ignore the advice).  I wonder if ANY of the lawyers realized that Charles was not only using the the regular customers metal but had also used up all the IRA metal?

I recently read that the only reason the government imposed RMDs (required minimum distributions) on IRA/401k was to make sure they could start collecting taxes on one's differed income.  So I would think the government is especially perturbed with Charles for making all that potential tax revenue of the IRA accounts just disappear without being able to collect a penny for taxes.

Posts: 990
Reply with quote  #2 
Sorry for not responding sooner; for some reason I usually don't get notified of new posts here.

My sense is that some lawyers would have at least had a suspicion as to what was going on (if they had access to an un-doctored financial statement, it was pretty clear). And Joe Martinec (Bullion Direct's attorney) knew in 2012 that Bullion Direct "had suffered very large losses and many more creditors than it had assets."

The IRS was involved the investigation, so it may well be that they aren't too pleased with what happened with the IRA accounts. I was a bit surprised that the indictment didn't include anything about the IRA accounts.

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