For example, Judith Ponder, from Kerrville, Texas testified that she and her mother gave Larry Bates more than $1.8 million dollars to purchase precious metals and received little in return. The victims, who lived all across the United States, testified that their money was to be used to purchase precious metals that they never received. More than forty-five witnesses testified about losing money to Larry Bates and First American Monetary Consultants. Still other customers’ monies were used to fulfill prior orders, which had not been fulfilled.Īt trial, the evidence showed that Larry, Chuck and Robert Bates were sales people in the Memphis office and were responsible for taking in victim’s monies. Other monies were diverted to trading in commodities and the building of a ten-thousand square foot house on three hundred acres in Middleton, Tennessee. Larry Bates diverted more than four million dollars to the creation of International Radio Network, a Christian radio network. The proof showed that the defendants used the customers’ money for a variety of purposes other than purchase of customers’ metals. By 2009, testimony at trial showed that the company had more than twenty-six million dollars in unfilled customer orders. During this same period, the proof showed the defendants diverted customers’ monies that were to be used to purchase their precious metals to the defendants own use and benefit. To First American Monetary Consultants for the purpose of buying precious metals. Between 20, customers gave more than eighty-seven million dollars Larry Bates, a self-proclaimed doctor in economics, held conferences across the United States on the upcoming economic collapse and the need to invest in precious metals. I hope this will serve as a clear -cut message that the United States Attorney’s Office and its law enforcement partners will work tirelessly to expose and bring to justice people responsible for such acts of greed and corruption." said Larry Laurenzi, Acting United States Attorney, Western District of Tennessee.Īt trial, the proof showed that the defendants promoted their business through a variety of Christian television and radio programs, including the Jim Baker Show and Jewish Voice. Their corruption ploy - which devastated and destroyed the lives of many hard-working individuals - ended today. "Today, justice has finally been served to members of the Bates Family as a result of their decade long Ponzi scheme. The scheme continued from as early as 2002 through October of 2013. The proof showed that more than three hundred and sixty victims lost more than twenty-one million dollars. The proof at trial showed that the defendants were able to accomplish the fraud through First American Monetary Consultants, a Colorado corporation, which had offices in Memphis, Tennessee and Ft. The charges rose out of the defendants running a decade long Ponzi scheme in the buying and selling of gold and silver coins. In May 2017, a federal jury found Larry Bates his two sons, Chuck and Robert Bates and Kinsey Bates, the wife of Robert Bates, guilty on all counts set forth in a federal indictment that charged mail and wire fraud and conspiracy. Attorney for the Western District of Tennessee, announced the sentences today. Memphis, TN – Bates family members have been sentenced for their roles in a Ponzi scheme that defrauded victims of more than twenty-one million dollars.
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