News
Old timers pointing to the old Gold Bullion scam
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November 30, 2009 09:19 PM Back in the 1980s, two brothers became overnight successes with a business called the International Gold Bullion Exchange. They sold gold coins by phone and mail, and claimed to have it in a vault in their downtown Fort Lauderdale offices. Their gold colored medallion adorned the offices at One Corporate Plaza downtown. After some 23,000 customers paid a total $75 million, authorities started to realize something was amiss. Customers weren't getting their coins, the company used delay tactics to avoid showing them the gold in the supposed "vault,'' and a scam came tumbling down. The coins were made not of gold but of wood, painted yellow, news accounts say. The brothers, William and James Alderdice, spent their riches on lavish lifestyles. One of the brothers, William, was killed in a fight before his trial. The other, James, took a plea deal, served his sentence and was released. He promised to repay the investors. It's unknown whether that happened. |