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Larry Bates' precious metals company, built on a foundation of lies and larceny finally appears to be falling apart. A Memphis federal judge has put Bates and FAMC into receivership. Finally, on October 29, the judge summoned Bates and John Ryder, the receiver, back to court to review 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.
For the moment, these new changes leave unresolved the $80-million class-action suit that was brought by his clients two years earlier, and many of these informed us at Unreported World News about exactly how he had defrauded them.
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 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 company recently had signaled the extent of their challenges in the face of the plaintiffs' righteous outrage over their business practices. They told the court a few weeks ago that they no longer had legal counsel in the class-action suit brought by Damian Orlowski and other victims. The court gave FAMC a month to come up with new counsel, but it didn't.
Independently, in a letter dated September 26, Larry Bates's son, Chuck Bates, informed the court that the firm was mostly going out of business and that his father was unwell.
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 drastic changes in fortune for Bates do appear to be producing the sure and steady collapse of what was once the tenth biggest precious-metals business in the United States.
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.
For the moment, these new changes leave unresolved the $80-million class-action suit that was brought by his clients two years earlier, and many of these informed us at Unreported World News about exactly how he had defrauded them.
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 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 company recently had signaled the extent of their challenges in the face of the plaintiffs' righteous outrage over their business practices. They told the court a few weeks ago that they no longer had legal counsel in the class-action suit brought by Damian Orlowski and other victims. The court gave FAMC a month to come up with new counsel, but it didn't.
Independently, in a letter dated September 26, Larry Bates's son, Chuck Bates, informed the court that the firm was mostly going out of business and that his father was unwell.
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 drastic changes in fortune for Bates do appear to be producing the sure and steady collapse of what was once the tenth biggest precious-metals business in the United States.
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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