The precious-metals empire that Larry Bates built on a foundation of deceit and larceny finally appears to be crumbling. Today a federal judge in Memphis placed Bates, his FAMC precious-metals operation and all of Bates' personal assets in receivership. And on October 29, the judge has ordered Bates and his receiver, John Ryder, back into court to check on their progress.
Bates confessed to the courtroom that his company has fallen apart and he's not able to pay the money he owes his creditors. He pleaded with the judge to release his personal assets and properties.
These developments leave unresolved - but only for the moment - the $80-million class-action suit that was brought against Bates and FAMC by his clients two years ago, including many who told us at Unreported World News the stories of how they had been defrauded by him.
Over the course of many years, Bates and FAMC have systematically swindled clients over the course of many years to an amount adding up to millions in precious metals. His tactics consisted of withholding or reducing shipments of gold and silver pieces and other instruments that they had ordered. Afterwards, he began finding excuses, making justifications and developing obfuscations when they asked for gratification of their orders.
Today's action was a blessing from God for the many victims Bates created in his precious-metals business and for Unreported World News. Bates repeatedly has slandered us over the last few years and again today, in court in Memphis, blamed principal Anne Trimble and other parties for the demise of his operation.
Bates and his firm complained about the degree of their personal difficulties despite the plaintiffs' righteous outrage over their fraudulent business practices. They told the court a couple of weeks ago that they not had lawful guidance in the class-action suit brought by Damian Orlowski and various other victims. The court offered FAMC a month to come up with new guidance, but it didn't.
Separately, in a letter dated September 26, Chuck Bates, the son of Larry Bates, told the court that the company was mostly out of business and that Larry Bates was ill.
And certainly while we pray for Larry Bates' return to health, make no bones about this simple fact: The apparent failing of his lawful defense indicates that justice now stands a great opportunity in the class-action case. However, on Monday, Bates was well enough to be right back in court .
These developments do appear to be bringing about the well-deserved demise of what once was one of the 10 biggest precious-metals dealers in America.
Bates confessed to the courtroom that his company has fallen apart and he's not able to pay the money he owes his creditors. He pleaded with the judge to release his personal assets and properties.
These developments leave unresolved - but only for the moment - the $80-million class-action suit that was brought against Bates and FAMC by his clients two years ago, including many who told us at Unreported World News the stories of how they had been defrauded by him.
Over the course of many years, Bates and FAMC have systematically swindled clients over the course of many years to an amount adding up to millions in precious metals. His tactics consisted of withholding or reducing shipments of gold and silver pieces and other instruments that they had ordered. Afterwards, he began finding excuses, making justifications and developing obfuscations when they asked for gratification of their orders.
Today's action was a blessing from God for the many victims Bates created in his precious-metals business and for Unreported World News. Bates repeatedly has slandered us over the last few years and again today, in court in Memphis, blamed principal Anne Trimble and other parties for the demise of his operation.
Bates and his firm complained about the degree of their personal difficulties despite the plaintiffs' righteous outrage over their fraudulent business practices. They told the court a couple of weeks ago that they not had lawful guidance in the class-action suit brought by Damian Orlowski and various other victims. The court offered FAMC a month to come up with new guidance, but it didn't.
Separately, in a letter dated September 26, Chuck Bates, the son of Larry Bates, told the court that the company was mostly out of business and that Larry Bates was ill.
And certainly while we pray for Larry Bates' return to health, make no bones about this simple fact: The apparent failing of his lawful defense indicates that justice now stands a great opportunity in the class-action case. However, on Monday, Bates was well enough to be right back in court .
These developments do appear to be bringing about the well-deserved demise of what once was one of the 10 biggest precious-metals dealers in America.
About the Author:
Learn more about precious metal investing. Stop by Anne Trimble's site where you can find out all about gold and silver and what it can do for you.
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