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'll share two stories here that broke my heart. There was a woman who contacted me recently after her father died. While setting her mother's affairs in order, she stumbled upon some invoices from FAMC dating back to 2009.
Without a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
These individuals got just a few gold coins as proof of their purchase. Although one could argue that they did ask FAMC to save their metals for them, I find it curious that FAMC simply can't find a way to produce them 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.
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.
Today I continue to feel horror as I listen to these stories of disaster. There is raw sin here. It all reminds me of another entrepreneur, also claiming to be a Christian, who took half-a-million dollars, as well as the ministry that I ran with Jay Trimble, my life partner. This happened 20 years ago and is recounted in my biographical book, 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'll share two stories here that broke my heart. There was a woman who contacted me recently after her father died. While setting her mother's affairs in order, she stumbled upon some invoices from FAMC dating back to 2009.
Without a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
These individuals got just a few gold coins as proof of their purchase. Although one could argue that they did ask FAMC to save their metals for them, I find it curious that FAMC simply can't find a way to produce them 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.
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.
Today I continue to feel horror as I listen to these stories of disaster. There is raw sin here. It all reminds me of another entrepreneur, also claiming to be a Christian, who took half-a-million dollars, as well as the ministry that I ran with Jay Trimble, my life partner. This happened 20 years ago and is recounted in my biographical book, Faith Through the Flames."
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Want to find out more about precious metal investing, then visit Anne Trimble's site on how to buy gold and silver.
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