Larry Bates, as well as his business, have actually been forced into receivership in the federal district court in Tennessee due to numerous complaints from a growing number of customers about his astonishing level of dishonesty; and now, as a result, he is facing an $80-million class-action suit.
Despite his lawsuit, information continues to stream in about even more people that Bates cheated before his business came to a close.
I'm posting two true stories here that deeply upset me. A woman contacted me recently after her father transitioned. While organizing her mother's affairs, she saw some statements from FAMC that went back all the way to 2009.
Without a word to their children, this couple had gone ahead and given Bates' business a half-million dollars of their investment funds. They bought gold from FAMC. And to this day, they have not received any.
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?
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.
These two rip-offs alone amount to a staggering total of $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.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, 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.
I'm posting two true stories here that deeply upset me. A woman contacted me recently after her father transitioned. While organizing her mother's affairs, she saw some statements from FAMC that went back all the way to 2009.
Without a word to their children, this couple had gone ahead and given Bates' business a half-million dollars of their investment funds. They bought gold from FAMC. And to this day, they have not received any.
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?
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.
These two rip-offs alone amount to a staggering total of $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.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, Faith Through the Flames".
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