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 told the court that his business has crumbled and he's unable to pay creditors. He pleaded for the judge to unfreeze his personal assets.
These stunning new developments still leaves the question, at least for now, on what will happen in the $80-million class-action suit brought against FAMC by his customers 2 years ago; many of whom shared their stories about how they had been ripped off with Unreported World News.
Over a period of many years now, Bates has methodically ripped off his client to the tune of millions in precious metals by withholding and reducing deliveries of gold and silver coins and various other investments that they had actually ordered. He then began making excuses and creating obfuscations when they requested satisfaction of their orders.
Today's action was an act of divine blessing for the suffering Bates created in his precious-metals business and for his slander of Unreported World News. Bates has tarnished us over the last few years continuously and he did it again today, in court in Memphis, primarily blaming Anne Trimble and other people for the death 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 of course while we pray for Larry Bates' health, make no mistake about this: The apparent faltering of his legal defense means that justice now stands a very good chance of prevailing in the class-action case. Bates was well enough to be in court on Monday.
These startling changes do seem to be producing the well-deserved death of what once used to be ranked as one of the tenth largest precious-metals dealerships in country.
Bates told the court that his business has crumbled and he's unable to pay creditors. He pleaded for the judge to unfreeze his personal assets.
These stunning new developments still leaves the question, at least for now, on what will happen in the $80-million class-action suit brought against FAMC by his customers 2 years ago; many of whom shared their stories about how they had been ripped off with Unreported World News.
Over a period of many years now, Bates has methodically ripped off his client to the tune of millions in precious metals by withholding and reducing deliveries of gold and silver coins and various other investments that they had actually ordered. He then began making excuses and creating obfuscations when they requested satisfaction of their orders.
Today's action was an act of divine blessing for the suffering Bates created in his precious-metals business and for his slander of Unreported World News. Bates has tarnished us over the last few years continuously and he did it again today, in court in Memphis, primarily blaming Anne Trimble and other people for the death 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 of course while we pray for Larry Bates' health, make no mistake about this: The apparent faltering of his legal defense means that justice now stands a very good chance of prevailing in the class-action case. Bates was well enough to be in court on Monday.
These startling changes do seem to be producing the well-deserved death of what once used to be ranked as one of the tenth largest precious-metals dealerships in country.
About the Author:
Want to find out more about precious metal investing, then visit Anne Trimble's site on how to buy gold and silver.
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