@TLeverage said:
That went about as well as could be expected.
Maybe if they took "a little here and a little there" they could chalk it up as poor management or organization. Why they thought stealing close to a third of it would work... I can't say
When lawmaker, ponzi, silver, and gold coins all get in the same sentence, it's not surprising that it would lead to another sentence. Grammatically , numismatically, politically, and theologically speaking.
It is amazing how long these scammers operate before the law catches up with them. In college quality critical thinking is advanced and prized. In business and social circles positive and sometimes "magical" thinking are in vogue. No one wants to be the grinch, the bearer of bad news saying that the "king has no clothes". "If you can't say something nice keep your mouth shut" saying/attitude leads to failures to address dishonesty and scams. With non-critical thinking scams proliferate.
@TwoSides2aCoin said:
When lawmaker, ponzi, silver, and gold coins all get in the same sentence, it's not surprising that it would lead to another sentence. Grammatically , numismatically, politically, and theologically speaking.
Good one @TwoSides2aCoin! This is one of the reasons I pretty much stick to dealing with a few longtime dealers, the folks in this forum and occasionally ATS. Never had a problem yet (knock on wood).
MEMPHIS, Tenn. — Larry Bates told listeners of Christian broadcast programs that they should buy gold and silver coins to give them financial protection during a supposedly looming religious and economic collapse termed “Mystery Babylon.”
Trusting Bates’ status as a former Tennessee lawmaker and believing he was an honest Christian man, hundreds of people sent him money, and waited for their shiny coins to arrive.
Just another 'Jim Jones' bilking the religious who believe these idiots can do no wrong.... until they do. For some reason, religion blinds the mind of so many people... Cheers, RickO
I'm convinced God has something special reserved for those who hurt others in His name.
I'll never understand why people allow stuff like this to happen. If I don't get what I paid for when I'm supposed to get it I become the biggest PITA the seller has ever seen. How does it get to this point?
Former Tennessee lawmaker given 21 years in prison for stealing $21million from 400 people in a gold and silver Ponzi scheme he ran through a company advertised on Christian TV
Larry Bates was ordered to pay the $21million he and his family stole from customers
He promoted the coin buying and selling business on Christian radio and television programs
The 73-year-old was found guilty along with his two sons and daughter-in-law of mail and wire fraud
The scheme lasted from 2002 to 2013 causing more than 400 people to lose their money
The Bates used the funds to buy a 10,000 square-foot property in Tennessee
More than 45 witnesses testifies against Bates and his family
By Associated Press and Kayla Brantley For Dailymail.com
Published: 14:42 EDT, 5 September 2017 | Updated: 07:22 EDT, 6 September 2017
A former Tennessee lawmaker who led a multi-million dollar Ponzi scheme centered on buying and selling gold and silver coins has been sentenced to 21 years behind bars.
Along with the jail sentence, 73-year-old former Democratic state rep. Larry Bates was ordered to pay more than $21million in restitution to more than 400 customers he swindled.
Bates, his two sons, and daughter-in-law were found guilty in May of mail and wire fraud.
The Democrat who served in the Tennessee House from 1971 to 1976, promoted the company though Christian television and radio programs.
Larry Bates will spend 21 years in prison along with his two sons and daughter-in-law for mail and wire fraud
Ex state legislator Larry Bates is pictured with his son Charles (aka "Chuck") in a promotional video promoting their book
Customers gave more than $87million to First American Monetary Consultants, a Colorado Corporation, for the purpose of buying and investing in precious metals.
Between 2002 and 2013 more than 360 victims lost more than $21million due to the illegal scheme.
By 2009, the company had more than $26 million dollars in unfilled orders.
Prosecutors said Bates and his family kept the money for their personal use, including commodities trading and a 10,000-square-foot house. They used more than four million to create the International Radio Network, a Christian radio network.
And as all good Ponzi schemes go, other costumers' monies were used to fulfill prior orders that had not been fulfilled.
Customers gave more than $87million to First American Monetary Consultants (pictured)
believing that Bates was investing in silver and gold
Bate's customers begged the company for their coins or reimbursement. They were told the coins were scarce, they were coming from Europe, and the U.S. Mint was shut down.
More than 45 witnesses testified about losing money to Larry Bates and First American Monetary Consultants.
'Unfortunately, fraud, corruption and embezzlement can occur everywhere, including in the investment world,' said Larry Laurenzi, Acting United States Attorney, who prosecuted the case along with Assistant U.S. Attorney David Pritchard. 'People need to be mindful of this terrible fact and work hard to protect themselves and their families from those who prey on others, like the Bates family preyed on so many innocent victims.
Larry Bates was convicted on all 46 counts in the indictment. His son Chuck Bates was found guilty of 18 counts of mail and wire fraud and one count of conspiracy. His other son Robert Bates was convicted of five counts of mail fraud, three counts of wire fraud, and one count of conspiracy. Robert's wife Kinsey Bates was convicted on one count of conspiracy and two counts of wire fraud.
Bates and his family used the money to buy a 10,000 square-foot home and commodities trading
Comments
good riddance.
Idiots
BHNC #203
That went about as well as could be expected.
Maybe if they took "a little here and a little there" they could chalk it up as poor management or organization. Why they thought stealing close to a third of it would work... I can't say
Buh-bye!
When lawmaker, ponzi, silver, and gold coins all get in the same sentence, it's not surprising that it would lead to another sentence. Grammatically , numismatically, politically, and theologically speaking.
``https://ebay.us/m/KxolR5
It is amazing how long these scammers operate before the law catches up with them. In college quality critical thinking is advanced and prized. In business and social circles positive and sometimes "magical" thinking are in vogue. No one wants to be the grinch, the bearer of bad news saying that the "king has no clothes". "If you can't say something nice keep your mouth shut" saying/attitude leads to failures to address dishonesty and scams. With non-critical thinking scams proliferate.
Good one @TwoSides2aCoin! This is one of the reasons I pretty much stick to dealing with a few longtime dealers, the folks in this forum and occasionally ATS. Never had a problem yet (knock on wood).
Kind regards,
George
This case gets wierder:
Denver Post article:
http://www.denverpost.com/2017/09/05/end-of-world-coin-ponzi-scheme-sentencing
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
Just another 'Jim Jones' bilking the religious who believe these idiots can do no wrong.... until they do. For some reason, religion blinds the mind of so many people... Cheers, RickO
I'm convinced God has something special reserved for those who hurt others in His name.
I'll never understand why people allow stuff like this to happen. If I don't get what I paid for when I'm supposed to get it I become the biggest PITA the seller has ever seen. How does it get to this point?
I can't seem to find who wrote the article...
How did they pull it off for years and $75mil? Looks like easy money. So does it mean that if they were less greedy, they would have gone longer?
Former Tennessee lawmaker given 21 years in prison for stealing $21million from 400 people in a gold and silver Ponzi scheme he ran through a company advertised on Christian TV
By Associated Press and Kayla Brantley For Dailymail.com
Published: 14:42 EDT, 5 September 2017 | Updated: 07:22 EDT, 6 September 2017
A former Tennessee lawmaker who led a multi-million dollar Ponzi scheme centered on buying and selling gold and silver coins has been sentenced to 21 years behind bars.
Along with the jail sentence, 73-year-old former Democratic state rep. Larry Bates was ordered to pay more than $21million in restitution to more than 400 customers he swindled.
Bates, his two sons, and daughter-in-law were found guilty in May of mail and wire fraud.
The Democrat who served in the Tennessee House from 1971 to 1976, promoted the company though Christian television and radio programs.
Larry Bates will spend 21 years in prison along with his two sons and daughter-in-law for mail and wire fraud
Ex state legislator Larry Bates is pictured with his son Charles (aka "Chuck") in a promotional video promoting their book
Customers gave more than $87million to First American Monetary Consultants, a Colorado Corporation, for the purpose of buying and investing in precious metals.
Between 2002 and 2013 more than 360 victims lost more than $21million due to the illegal scheme.
By 2009, the company had more than $26 million dollars in unfilled orders.
Prosecutors said Bates and his family kept the money for their personal use, including commodities trading and a 10,000-square-foot house. They used more than four million to create the International Radio Network, a Christian radio network.
And as all good Ponzi schemes go, other costumers' monies were used to fulfill prior orders that had not been fulfilled.
Customers gave more than $87million to First American Monetary Consultants (pictured)
believing that Bates was investing in silver and gold
Bate's customers begged the company for their coins or reimbursement. They were told the coins were scarce, they were coming from Europe, and the U.S. Mint was shut down.
More than 45 witnesses testified about losing money to Larry Bates and First American Monetary Consultants.
'Unfortunately, fraud, corruption and embezzlement can occur everywhere, including in the investment world,' said Larry Laurenzi, Acting United States Attorney, who prosecuted the case along with Assistant U.S. Attorney David Pritchard. 'People need to be mindful of this terrible fact and work hard to protect themselves and their families from those who prey on others, like the Bates family preyed on so many innocent victims.
Larry Bates was convicted on all 46 counts in the indictment. His son Chuck Bates was found guilty of 18 counts of mail and wire fraud and one count of conspiracy. His other son Robert Bates was convicted of five counts of mail fraud, three counts of wire fraud, and one count of conspiracy. Robert's wife Kinsey Bates was convicted on one count of conspiracy and two counts of wire fraud.
Bates and his family used the money to buy a 10,000 square-foot home and commodities trading
http://www.dailymail.co.uk/news/article-4855334/Former-lawmaker-sentenced-21-years-coin-selling-scheme.html#readerCommentsCommand-message-field
Hope that he finds a friend in prison!
big bubba and a few of his pals
I hope prison is as horrible as they say it is.
Bates' two sons and one son's wife were convicted too.
The family that scams together stays together!
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
seems more like a precious metal investment SCAM rather than a coin selling scam
I wonder how much the victims will be getting back? Many of Madoff's victims got a good part of their "investments" back.
Like Ben Dover.
Will there be an uptick in orders for Whitman blue folders from this guy's new address?