Larry Bates and his business have actually been put into receivership. This happened in the federal district court in Tennessee due to the fact that sufficient clients and prospective consumers suffered from his dishonesty. Currently, an $80-million class-action suit against the man and his company looms over them like Damocles' sword.
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 telling their children, this couple had been motivated to send Bates' company a half-million dollars of their hard-earned investment funds, which they had cashed in to purchase precious metals from FAMC. And " you guessed it " as of this writing they are still waiting for the metals to fulfill most of their purchase.
These people ever received only a few coins of what they bought. It's true that they had asked FAMC to store their metals for them. But why can't FAMC produce those metals now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
The total value of these two scams alone, comes to 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 telling their children, this couple had been motivated to send Bates' company a half-million dollars of their hard-earned investment funds, which they had cashed in to purchase precious metals from FAMC. And " you guessed it " as of this writing they are still waiting for the metals to fulfill most of their purchase.
These people ever received only a few coins of what they bought. It's true that they had asked FAMC to store their metals for them. But why can't FAMC produce those metals now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
The total value of these two scams alone, comes to 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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