LAWSUITS NEWS & LEGAL INFORMATION
Larry Bates, First American Monetary Consultants Face Fraud Class Action
Jackson, TN: A federal consumer fraud class action lawsuit has been filed against Larry Bates, his company First American Monetary Consultants and several associates, including radio stations, alleging they defraud people, specifically Christians and the elderly, by persuading them to purchase silver and gold coins, and then withhold delivery of the coins.
The lawsuit, filed by Plaintiffs Damian Orlowski of Chicago and Lynn Cechin of Texas, and others similarly situated, states that Bates "targets devout, Christian believers, elderly individuals, and widow/widowers with significant life savings, all who are seeking advice and help from a trusted Christian adviser and/or a Christian financial company."
Named defendants in the lawsuit are Larry Bates, a Democrat who served in the Tennessee General Assembly from 1971 to 1976, dba Radio Information Network, INC/IRN USA Radio News; Information Radio Network/IRN USA Radio News; Information Radio Network Inc.; and Barry Denison, a "senior staff economist" for Bates's First American Monetary Consultants (FAMC), "who travels regularly, advertising for FAMC and speaking on the economy, the threat of Islam, and the question of Israel and the church."
Among the allegatations stated in the lawsuit are claims that Bates promised to move million of dollars in precious metals quickly on their investors' behalf, but after receiving the money delivery of the coins would be delayed by as much as a year. In some cases, orders were allegedly only partially filled.
The lawsuit includes at least 26 other people who allegedly suffered as a result of the defendants actions. The plaintiffs claim that Bates uses his radio show, "News and Views," broadcast via Information Radio Network/IRN USA Radio News, to solicit for a wide range of products, including his books, an FAMC publication called "Monetary and Economic Review," DVDs and videos, and for himself, for personal appearances and speaking engagement at conferences. And, "Multiple methods of media, including, but not limited to, radio, television, books, newsletters, toll free numbers, email, direct mail, and personal solicitation at churches and conferences across the nation are used by Bates and Denison, and other agents of FAMC, Inc. to advertise FAMC Inc., to solicit money from unsuspecting individuals in order to purchase gold, silver and precious metals through defendants ...," the lawsuit alleges.
Orlowski and Cechin are seeking $80 million in actual, treble and punitive damages and injunctive relief on claims of breach of contract, unjust enrichment, fraud, tortious misrepresentation, wrongful trover and conversion, breach of trust and fiduciary duty, tortious conspiracy, and mail and wire fraud.
Published on Jan-2-12
The lawsuit, filed by Plaintiffs Damian Orlowski of Chicago and Lynn Cechin of Texas, and others similarly situated, states that Bates "targets devout, Christian believers, elderly individuals, and widow/widowers with significant life savings, all who are seeking advice and help from a trusted Christian adviser and/or a Christian financial company."
Named defendants in the lawsuit are Larry Bates, a Democrat who served in the Tennessee General Assembly from 1971 to 1976, dba Radio Information Network, INC/IRN USA Radio News; Information Radio Network/IRN USA Radio News; Information Radio Network Inc.; and Barry Denison, a "senior staff economist" for Bates's First American Monetary Consultants (FAMC), "who travels regularly, advertising for FAMC and speaking on the economy, the threat of Islam, and the question of Israel and the church."
Among the allegatations stated in the lawsuit are claims that Bates promised to move million of dollars in precious metals quickly on their investors' behalf, but after receiving the money delivery of the coins would be delayed by as much as a year. In some cases, orders were allegedly only partially filled.
The lawsuit includes at least 26 other people who allegedly suffered as a result of the defendants actions. The plaintiffs claim that Bates uses his radio show, "News and Views," broadcast via Information Radio Network/IRN USA Radio News, to solicit for a wide range of products, including his books, an FAMC publication called "Monetary and Economic Review," DVDs and videos, and for himself, for personal appearances and speaking engagement at conferences. And, "Multiple methods of media, including, but not limited to, radio, television, books, newsletters, toll free numbers, email, direct mail, and personal solicitation at churches and conferences across the nation are used by Bates and Denison, and other agents of FAMC, Inc. to advertise FAMC Inc., to solicit money from unsuspecting individuals in order to purchase gold, silver and precious metals through defendants ...," the lawsuit alleges.
Orlowski and Cechin are seeking $80 million in actual, treble and punitive damages and injunctive relief on claims of breach of contract, unjust enrichment, fraud, tortious misrepresentation, wrongful trover and conversion, breach of trust and fiduciary duty, tortious conspiracy, and mail and wire fraud.
Larry Bates, First American Monetary Consultants Fraud Class Action Legal Help
If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.Published on Jan-2-12
READER COMMENTS
U.N. Owen
on
The only things one needs to believe and disbelieve;
- Any time one's promised returns of (more than) 15%, is either illegal, and/or a scam. People who've iveseted in such malarkey almost always get an initial first payment, but, that's just for them to 'let it ride', and invest - and lose - more. A LOT more.
- There's a terrific book, by Malcolm Glad well, titled Blink. In a nutshell, the book examines how much that 'gut feeling' we all get, can be trusted. It turns out hthat more than 99% of those 'gut feelings are ACCURATE.
DON'T let ANYONE talk you into 'investing' your hard-earned money in ANY so called 'get rich quick' scam.Keep your money SAFE - WHERE IT IS.
As Judge Judy says,any time someone - even a relative - asks to borrow money,it's almost a certain thing they'll not repay it, and the relationship will end. Instead, she says, she gives them the money (or some of it), and says, 'this is a gift.I DON'T want you to think of paying it back, BUT, KNOW THIS; DON'T ask me again for money.
Kathy Flanagan
on
J. Johnson
on
I received the bullion in a couple of shipments through the U.S. Postal Service which were shipped in such a way that they would not raise suspicion to what the packages contained. I received the shipments in timely fashion. However, the last shipment was missing one or more small denomination coins. I notified FAMC and they immediately shipped the missing coins to me. My only thought at the time was that the employee putting the order together failed to check for accuracy of the shipment.
For others that did not receive delivery, I am truly sorry and hope that they are reimbursed.
I do wish to offer other alternatives from my experience as to a possible reason that customers did not receive their shipments.
We have had many letters and packages fail to arrive at our home due to the ineptness of the US Postal Service!
As time goes on, it seems to be getting significantly worse. In fact, I missed receiving a $10,000 check one time from a brokerage firm number of years ago. I also had an item highly valued from a personal sentiment that never arrived though I had the tracking number. It was delivered but to the wrong address. I spent a lot of time corresponding with the post office to no avail.
It is so bad that we have mail miss delivered to another address about a mile away which I go to on a regular basis to retrive. We have sent letters to the US Postal Service and have appeared in person several times which was of no help whatsoever.
What I am saying is that FAMC may be guilty as charged. However, there may be other things at play here whether it be the employees working for FAMC, the US POSTAL SERVICE, or other delivery services that may be employed by them.
Perhaps the US POSTAL SERVICE should be looked into as well.
Penny Duell
on