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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.

Larry Bates, First American Monetary Consultants Fraud Class Action Legal Help

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Last updated on Jan-2-12


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