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 told the court that his business has crumbled and he's unable to pay creditors. He pleaded for the judge 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.
Today's action was a blessing from God for the many victims Bates created in his precious-metals business and for Unreported World News. Bates repeatedly has slandered us over the last few years and again today, in court in Memphis, blamed principal Anne Trimble and other parties for the demise 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 developments do appear to be bringing about the well-deserved demise of what once was one of the 10 biggest precious-metals dealers in America.
Bates told the court that his business has crumbled and he's unable to pay creditors. He pleaded for the judge 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.
Today's action was a blessing from God for the many victims Bates created in his precious-metals business and for Unreported World News. Bates repeatedly has slandered us over the last few years and again today, in court in Memphis, blamed principal Anne Trimble and other parties for the demise 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 developments do appear to be bringing about the well-deserved demise of what once was one of the 10 biggest precious-metals dealers in America.
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