Larry Bates precious-metals business built on a structure of ongoing deception has collapsed. A federal judge in Memphis put Bates, his precious-metals business called FAMC and all of his' personal assets into receivership. Then on October 29, the court bought Bates and receiver John Ryder, back to court to check on its development.
Bates informed the court that his business has completely collapsed and he's not even able to pay lenders. He asked the court to unfreeze his personal assets.
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 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.
What happened today could be divine retribution for the many victims Bates produced in his precious-metals business and for Unreported World News. Bates has actually slandered us over the last couple of years and again today, in court in Memphis, he blamed principal Anne Trimble and others for the collapse 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.
Separately, in a letter dated September 26, Chuck Bates, Larry Bates' son, informed the court that the firm was almost out of business and that Larry Bates himself was sick.
Certainly, we do pray for Larry Bates' health, but make no mistake that the evident failing of his lawful defense indicates that justice now stands a very good chance of coming through in the class-action situation. Bates was well enough to show up in court by Monday.
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 informed the court that his business has completely collapsed and he's not even able to pay lenders. He asked the court to unfreeze his personal assets.
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 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.
What happened today could be divine retribution for the many victims Bates produced in his precious-metals business and for Unreported World News. Bates has actually slandered us over the last couple of years and again today, in court in Memphis, he blamed principal Anne Trimble and others for the collapse 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.
Separately, in a letter dated September 26, Chuck Bates, Larry Bates' son, informed the court that the firm was almost out of business and that Larry Bates himself was sick.
Certainly, we do pray for Larry Bates' health, but make no mistake that the evident failing of his lawful defense indicates that justice now stands a very good chance of coming through in the class-action situation. Bates was well enough to show up in court by Monday.
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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