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.
But still, heartbreaking news continues to stream in of more individuals that Bates managed to cheat before his business reached its just end.
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 a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
All they got for their money was a handful of gold coins as proof of their acquisition. Although one could squabble about the fact that they did ask FAMC to store the gold, I discovered that FAMC shows no proof of holding it in safe-keeping for them.
The other story is of a lady who takes care of her quadriplegic boy. He was granted a large sum of money as compensation for a life-altering accident. Although they sent Larry Bates several hundred thousand dollars as far back as the year 2008, they never got any metals.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
These are among the indications that FAMC may have been running a Madoff-style Ponzi scheme as well as ripping off its customers in many other ways " all under the evil guise of a Christian" financial counseling company that could be trusted.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, Faith Through the Flames".
But still, heartbreaking news continues to stream in of more individuals that Bates managed to cheat before his business reached its just end.
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 a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
All they got for their money was a handful of gold coins as proof of their acquisition. Although one could squabble about the fact that they did ask FAMC to store the gold, I discovered that FAMC shows no proof of holding it in safe-keeping for them.
The other story is of a lady who takes care of her quadriplegic boy. He was granted a large sum of money as compensation for a life-altering accident. Although they sent Larry Bates several hundred thousand dollars as far back as the year 2008, they never got any metals.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
These are among the indications that FAMC may have been running a Madoff-style Ponzi scheme as well as ripping off its customers in many other ways " all under the evil guise of a Christian" financial counseling company that could be trusted.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, 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.
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