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.
Two of these stories we'll share here. A dear woman from Kansas contacted Anne Trimble, our principal, recently after her father passed away. She was helping to get her mother's affairs in order and came across some invoices from FAMC from 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.
Then there is the story of a woman which deals with taking care of a quadriplegic kid, who was provided a significant amount of money as recompense for an accident that affected his life. In 2008, they provided Larry Bates a few hundred thousand dollars as an investment, but they never received any precious metals in return for their money.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
It's quite obvious that the entire business of FAMC is comparable to the Ponzi scheme run by Bernie Madoff. Customers have been ripped off in many ways. The biggest lie was that this was a Christian financial service, a company that should be considered trustworthy.
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.
Two of these stories we'll share here. A dear woman from Kansas contacted Anne Trimble, our principal, recently after her father passed away. She was helping to get her mother's affairs in order and came across some invoices from FAMC from 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.
Then there is the story of a woman which deals with taking care of a quadriplegic kid, who was provided a significant amount of money as recompense for an accident that affected his life. In 2008, they provided Larry Bates a few hundred thousand dollars as an investment, but they never received any precious metals in return for their money.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
It's quite obvious that the entire business of FAMC is comparable to the Ponzi scheme run by Bernie Madoff. Customers have been ripped off in many ways. The biggest lie was that this was a Christian financial service, a company that should be considered trustworthy.
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.
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