The man and his company have been put into receivership in federal district court in Tennessee because enough customers and potential customers finally caught on to their essential dishonesty. And the resolution of an $80-million class-action suit against Bates and FAMC still hangs over them like the sword of Damocles.
Despite his lawsuit, information continues to stream in about even more people that Bates cheated before his business came to a close.
I'll share two stories here that broke my heart. There was a woman who contacted me recently after her father died. While setting her mother's affairs in order, she stumbled upon some invoices from FAMC dating back to 2009.
Without telling their children, this couple had been motivated to send Bates' company a half-million dollars of their hard-earned investment funds, which they had cashed in to purchase precious metals from FAMC. And " you guessed it " as of this writing they are still waiting for the metals to fulfill most of their purchase.
These individuals got just a few gold coins as proof of their purchase. Although one could argue that they did ask FAMC to save their metals for them, I find it curious that FAMC simply can't find a way to produce them now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
By this point, it is probably becoming abundantly clear to you that the entire business model of FAMC is comparable to the infamous Ponzi scheme pulled off by Bernard Madoff. Although Bates' clients were scammed in lots of ways, what really upsets me is the front he used as a Christian financial planner and service, a deliberate ploy to appear to be someone of the Christian faith who could be trusted.
Anne continues to be horrified as she hears such devastating stories. Besides the raw sin involved, it reminds her of how she herself was victimized by another businessman who had claimed to be a Christian." He stole a half-million dollars, and the ministry operated by Anne and her husband, Jay Trimble, more than 20 years ago. She recounts that story in her biography, Faith Through the Flames.
Despite his lawsuit, information continues to stream in about even more people that Bates cheated before his business came to a close.
I'll share two stories here that broke my heart. There was a woman who contacted me recently after her father died. While setting her mother's affairs in order, she stumbled upon some invoices from FAMC dating back to 2009.
Without telling their children, this couple had been motivated to send Bates' company a half-million dollars of their hard-earned investment funds, which they had cashed in to purchase precious metals from FAMC. And " you guessed it " as of this writing they are still waiting for the metals to fulfill most of their purchase.
These individuals got just a few gold coins as proof of their purchase. Although one could argue that they did ask FAMC to save their metals for them, I find it curious that FAMC simply can't find a way to produce them now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
By this point, it is probably becoming abundantly clear to you that the entire business model of FAMC is comparable to the infamous Ponzi scheme pulled off by Bernard Madoff. Although Bates' clients were scammed in lots of ways, what really upsets me is the front he used as a Christian financial planner and service, a deliberate ploy to appear to be someone of the Christian faith who could be trusted.
Anne continues to be horrified as she hears such devastating stories. Besides the raw sin involved, it reminds her of how she herself was victimized by another businessman who had claimed to be a Christian." He stole a half-million dollars, and the ministry operated by Anne and her husband, Jay Trimble, more than 20 years ago. She recounts that story in her biography, Faith Through the Flames.
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.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quotes_7a.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_xx_usoz_4.gif)
No comments:
Post a Comment