International Gold Bullion Exchange was founded in 1979 by brothers William and James Alderdice.
It grew to be reportedly the largest retail gold bullion dealer in the United States.
The company would sell gold bullion at a discount if the buyer agreed to postpone taking delivery.
The company spent over $44 million on personal spending, salaries, marketing and travel and had little in assets when it shut down.
[2] In July 1984 while free on bond, William Alderdice was murdered by James Doyle, a former cell-mate who served as the brothers' chauffeur.