The man and his company have been put into receivership in federal district court in Tennessee because enough customers and potential customers finally caught on to their essential dishonesty. And the resolution of an $80-million class-action suit against Bates and FAMC still hangs over them like the sword of Damocles.
Despite the weight of this legal action, it appears that a lot of individuals are still reeling from the effects of being cheated by Bates before his business ended.
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 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.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
By this point, it is probably becoming abundantly clear to you that the entire business model of FAMC is comparable to the infamous Ponzi scheme pulled off by Bernard Madoff. Although Bates' clients were scammed in lots of ways, what really upsets me is the front he used as a Christian financial planner and service, a deliberate ploy to appear to be someone of the Christian faith who could be trusted.
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 the weight of this legal action, it appears that a lot of individuals are still reeling from the effects of being cheated by Bates before his business ended.
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 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.
Together, in today's metal's prices, these two cases of fraud cover about $4 million.
By this point, it is probably becoming abundantly clear to you that the entire business model of FAMC is comparable to the infamous Ponzi scheme pulled off by Bernard Madoff. Although Bates' clients were scammed in lots of ways, what really upsets me is the front he used as a Christian financial planner and service, a deliberate ploy to appear to be someone of the Christian faith who could be trusted.
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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