It’s a question that must be answered. Once one of America’s largest “Christian” metals dealers, First American Monetary Consultants (FAMC) and its owner, Larry Bates, fleeced hundreds of their gold and silver customers until we put a stop to their deceitful and criminal ways by exposing their sinister schemes.
Yet in a very limited way, we have found out that FAMC is still operating. And after two years since the courts finally put the kibosh on Larry Bates, his old company still hasn’t been sold. Why not?
Our principal, Anne Trimble, used to be a sales representative in Texas for Memphis-based FAMC. But when her customers began reporting to her that FAMC delayed shipping their orders of gold and silver coins by weeks, sometimes months, and that the company often insisted on sending them coins other than what they ordered, her conscience forced Anne to quit her relationship with Bates and FAMC.
Then, as her former clients continued to complain about FAMC’s practices, Anne, now owner of Real Money USA, posted a story on her web site, “Larry Bates Has a Lot To Answer For,” documenting his and his company’s abuses. And she was able to document enough of their fraudulent acts that attorneys could put together an $80-million class-action suit against Bates and his company.
These acts of bravery by our company began pulling the wheels off of FAMC. By October, 2013, this nefarious operation was put into receivership by a federal court. Bates was forced to sell his radio network, IRNUSA, in July, 2014. And just a few months ago, the U.S. Justice Department finally indicted Bates and his two sons, Chuck and Bob, bringing criminal charges against them.
But the rightful dismantling of Bates’ business interests seems to have stopped. Instead of forcing the liquidation of his and FAMC’s assets, finding for the plaintiffs in the class-action suit and distributing these former assets to them as damages, things have completely stalled. Victims have told us that there are “slim to none” chances that FAMC’s assets will be shared among them.
We were offered management of what is left of FAMC’s assets, but then the receiver never made good on his offer to our attorney and me. Instead, since then, for more than a year, the receiver has ignored my repeated attempts to purchase the few FAMC assets that retain any value.
And as of December, the receiver still wouldn’t give Real Money USA the information we need to make an intelligent decision about purchasing FAMC’s assets.
Why are we being treated like this? Anne was the whistleblower who brought down Bates’ fraudulent house of cards and began bringing justice to his misdeeds. All she has ever wanted to do was help the victims in this case. And now Anne and Real Money USA have become victims to FAMC, the courts and attorneys as well.
Of course, in a class-action lawsuit, attorneys pay themselves first, and we understand that. However, Anne – who wasn’t a member of the class in the litigation – simply wanted Bates’ victims to receive some restitution for their losses, which in many cases ran into the hundreds of thousands of dollars. She helped the victims and attorneys move the lawsuit forward, spending countless hours aiding them in buttressing their case.
Neither has Anne or RealMoneyUSA received any compensation.
So it’s time to find out what is going on.
Recently, Anne was told by the court-appointed receiver in Bates’ case, that FAMC is still operating and that the former FAMC bookkeeper – who was privy to her boss’s practices – is still running the company!
This is ridiculous. It’s time to liquidate whatever is left of Larry Bates’s ill-gotten assets and give the money to their victims.
It appears that the only light being shed on this entire situation continues to come through our blog posts at RealMoneyUSA. And if that’s the case, so be it.
So here’s some more of the latest news: We have set up a fund for the victims. If the authorities and the complicit attorneys aren’t going to do the right thing and make sure that Bates’ victims are compensated with his dirty assets, maybe the general public will see that some form of compensation is forthcoming.
We can do no other. Contact us at firstname.lastname@example.org or 866-966-0177 if you want to contribute.