Jan 18

Charles McAllister of Austin was indicted Jan. 18 on wire fraud and related charges for allegedly defrauding investors in Bullion Direct Inc., a precious metals company he founded.

The indictment seeks a monetary judgment of $16.1 million against McAllister, the sum of the money he stole from investors.

Customers of Bullion Direct paid McAllister to purchase precious metals that would either be shipped to them or stored in the company's vault. According to the indictment, McAllister spent customer money on corporate expenses and his and his family's personal expenses.