Finally, Fraudulent Precious Metal Trader Has Been Stopped In His Tracks
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.
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.
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.
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.
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.
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