Dec 30th, 2011
It’s gratifying and encouraging to see the attention that quickly has been given over the last couple of days to the filing of the $80-million class action suit against Larry Bates and First American Monetary Consultants over how he has defrauded dozens of his precious-metals customers over the last several years.
Two groups are most important of all in the groundswell of responses to the news, broken by Unreported World News on Wednesday, that Bates’ legal comeuppance has begun: the national news media, and Bates’ victimized customers.
It’s crucial for the law suit and Bates’ practices to get attention by the news media – secular and Christian, traditional and online – so that Bates and FAMC might be forced to stop what they’re doing immediately. It was relatively easy for Bates and his associates to continue to pull the wool over the eyes of unsuspecting gold and silver buyers when we were still toiling to get the word out about how dangerous he is; many of his most recent new customers never knew there was any reason to doubt his smooth sales pitch.
But now, with local, regional and national newscasts and publications picking up on the news of the suit, many thousands of Americans who potentially were Bates’ next customers, instead, fortunately will be warned away from him. So far, the Associated Press, major regional newspapers in Bates’ home state such as the Tennesseean from Nashville and Memphis’s Commercial-Appeal, and local TV news broadcasts in Tennessee have been the first to pick up on news of the suit. Because of these stories and what surely will be more to come, at least many folks can avoid being added to his long parade of victims.
The second and probably even more important constituency who are getting a boost from attention to the suit are Bates’ existing victimized customers. It’s unclear at this point to what extent any single individual might be compensated for the evil that Bates has done, should the suit be won or settled. But the news coming out this week certainly is encouraging many of them, including the big number of people who personally were assisted by Unreported World News and our associated precious-metals company, Southlake Gold & Silver.
“I am so proud of you, and thanking God for you,” one of Bates’ victims e-mailed us yesterday.
“My wife and I purchased Gold and Silver from Larry Bates and it took a year to get delivery [We] were new Gold and Silver investors and depended on (Christian Bates) to guide us in this new area of investments only later to find out, not only was he dishonest, but he grossly over charge[d] us on our purchases
“We invested six figures with his company. He needs to be put in jail. At one point I had told the guy at his company Id like a refund, he told me our order was final and Gold and Silver prices were way down and they would pay me [what would amount to] just a little over half or what I had invested
“They had a [racket] going. Larry Bates is a crook who needs to be behind bars.
Thank[s to your] efforts [this] is getting out!”
And finally, here is a note from a major supporter who is neither media nor victim but, rather, someone of integrity and importance in the precious-metals industry – an industry given something of a black eye by Bates’ practices.
“Your diligence has paid off. Well done!” the note goes. “Hopefully the victims will receive appropriate relief from the courts. Equally important will be the possible deterrent [effect] this will have on future victims. Maybe now that Dr. Bates realizes his practices are out in the open he will change.
“The Lord is full of forgiveness for someone who repents and does what is right to correct the wrong done. One can only hope Dr. Bates apologizes to the clients and will do what is right to restore them.”