A Memphis, Tennessee family was recently convicted of stealing $21 million from 360 victims in a gold and silver ponzi scheme that lasted 10 years. Larry and his wife Kinsey Bates, along with Larry’s two sons, Chuck and Robert Bates, were found guilty on charges of mail and wire fraud and conspiracy. The U.S. Attorney’s Office announced the conviction on Wednesday. Over 360 victims allegedly lost more than $21 million dollars because the family ran a ponzi scheme by buying and selling gold and silver coins. They promoted their scheme through Christian television and radio programs, including the Jim Baker Show and the Jewish Voice. Larry Bates also held conferences across the United States predicting an economic collapse and promoting investments in precious metals.
Allegedly, between 2007 and 2013, investors gave more than $87 million to First American Monetary Consultants in order to buy precious metals. The Bates family used those funds in order to make personal purchases, and used $4 million of the funds to create International Radio Network, a Christian-themed radio network. They also used the money to build a huge home in Middleton, Tennessee. Larry Bates was convicted on 46 counts of mail and wire fraud. Chuck Bates was convicted of 18 counts. Robert Bates was convicted on five counts of mail fraud, three counts of wire fraud and one count of conspiracy. Kinsey Bates was convicted on one count of conspiracy and two counts of wire fraud.
If you or someone you know was a victim of the Bates’ ponzi scheme, you may be able to recover those losses. Pleas call 312-332-4200 today to speak to an attorney to find out how. The call is free with no obligation. Your funds may be recoverable on a contingency fee basis in the arbitration forum.
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