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.
These stunning new developments still leaves the question, at least for now, on what will happen in the $80-million class-action suit brought against FAMC by his customers 2 years ago; many of whom shared their stories about how they had been ripped off with Unreported World News.
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.
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 recently signaled the level of his difficulties and obstacles in the face of the complainants' righteous outrage over his business methods. They informed the court a few weeks ago that they not had legal counsel in the class-action suit brought by Damian Orlowski and various other victims. The court provided FAMC a month to return with new legal advice, but it really did not.
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 startling changes do seem to be producing the well-deserved death of what once used to be ranked as one of the tenth largest precious-metals dealerships in country.
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.
These stunning new developments still leaves the question, at least for now, on what will happen in the $80-million class-action suit brought against FAMC by his customers 2 years ago; many of whom shared their stories about how they had been ripped off with Unreported World News.
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.
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 recently signaled the level of his difficulties and obstacles in the face of the complainants' righteous outrage over his business methods. They informed the court a few weeks ago that they not had legal counsel in the class-action suit brought by Damian Orlowski and various other victims. The court provided FAMC a month to return with new legal advice, but it really did not.
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 startling changes do seem to be producing the well-deserved death of what once used to be ranked as one of the tenth largest precious-metals dealerships in country.
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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