Jim Burg was arrested in southern California on Nov. 29. The government has said they will ask a judge to deny Jim Burg bond.
He made his first appearance in the Southern District of California but is expected to be transferred back to Colorado.
Many of his former clients say they gave Burg money from their retirement funds to buy gold coins, but say they didn't receive their coins.
Burg was the subject of a 9Wants to Know investigation in 2011.
Read or watch 9Wants to Know's investigation on Burg here
Burg ran Superior Discount Coins and Gold Run Investments, the 9Wants to Know investigation showed and new court documents support. Burg also used the name "Tim Burke," according to court documents.
Burg is charged with six counts of wire fraud, nine counts of mail fraud, four counts of engaging in monetary transaction in property derived from specified unlawful activity and four counts of willful failure to file tax return.
Burg told 9Wants to Know investigative reporter Jace Larson in 2011 that he would pay all of his clients back. He refused to say how or when.
Have a comment or tip for investigative reporter Jace Larson? Call him at 303-871-1432 or email him at firstname.lastname@example.org. You can also follow him on: Twitter, Facebook and Blogger.
(KUSA-TV © 2012 Multimedia Holdings Corporation)