Larry Bates, who built his precious metals business FAMC on deception and theft, has had his business and personal assets placed into receivership by a federal judge. Bates claimed in court that his business has collapsed and he cannot pay creditors. This comes after a $80 million class action lawsuit was brought against FAMC by customers two years ago, many of whom said they were defrauded by Bates and FAMC over many years through withholding precious metal shipments and finding excuses to avoid fulfilling orders. The apparent failure of Bates' legal defense in this case means justice may now prevail for the victims of his fraudulent business practices.

1. Fraudulent Precious Metal Trader Finally Stopped In His
Tracks

2. The precious-metals empire that Larry Bates built on a
foundation of deceit and larceny finally appears to be
crumbling. Today a federal judge in Memphis placed
Bates, his FAMC precious-metals operation and all of
Bates' personal assets in receivership. And on October
29, the judge has ordered Bates and his receiver, John
Ryder, back into court to check on their progress.

3. Bates told the court that his business has crumbled and
he's unable to pay creditors. He pleaded for the judge to
unfreeze his personal assets.

4. These stunning new developments still leaves the
question, at least for now, on what will happen in the
$80-million class-action suit brought against FAMC by his
customers 2 years ago; many of whom shared their
stories about how they had been ripped off with
Unreported World News.

5. Over the course of many years, Bates and FAMC have
systematically swindled clients over the course of many
years to an amount adding up to millions in precious
metals. His tactics consisted of withholding or reducing
shipments of gold and silver pieces and other
instruments that they had ordered. Afterwards, he
began finding excuses, making justifications and
developing obfuscations when they asked for
gratification of their orders.

6. What happened today could be divine retribution for
the many victims Bates produced in his precious-metals
business and for Unreported World News. Bates has
actually slandered us over the last couple of years and
again today, in court in Memphis, he blamed principal
Anne Trimble and others for the collapse of his
operation.

7. Bates recently signaled the level of his difficulties and
obstacles in the face of the complainants' righteous
outrage over his business methods. They informed the
court a few weeks ago that they not had legal counsel in
the class-action suit brought by Damian Orlowski and
various other victims. The court provided FAMC a month
to return with new legal advice, but it really did not.

8. Separately, in a letter dated September 26, Chuck Bates,
the son of Larry Bates, told the court that the company
was mostly out of business and that Larry Bates was ill.

9. And of course while we pray for Larry Bates' health,
make no mistake about this: The apparent faltering of
his legal defense means that justice now stands a very
good chance of prevailing in the class-action case. Bates
was well enough to be in court on Monday.

10. These startling changes do seem to be producing the
well-deserved death of what once used to be ranked as
one of the tenth largest precious-metals dealerships in
country.

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