$80 million class action lawsuit filed against former Tennessee Representative Larry Bates
By Jeaneane Payne
December 31, 2011, 11:26 a.m.

An $80 million class action lawsuit has been filed in federal court against former Tennessee representative Larry Bates. Bates is accused of tricking clients he obtained through his First American Monetary Consultants (FAMC) business.

The lawsuit indicates Bates solicited customers through FAMC to buy precious metals, including gold and silver coins, through its website as well as a radio program and national conferences called "A Nation in Crisis" but did not deliver the precious metals they sold.

Attorneys Gerard Mantese of Troy, Michigan and J. Houston Gordon of Covington, Tennessee filed the suit in federal court. The suit seeks damages for people claiming they were conned by the defendants.

The lawsuit claims that FAMC targeted devout Christian believers, widow/widowers, and the elderly who had substantial life savings and see Bates as a trusted Christian advisor. Mr. Mantese stated, "We believe that the actions of defendants were reprehensible and we intend to litigate this case vigorously and obtain justice for our clients."

The 47-page lawsuit claims that FAMC delivered the items purchased only after sustained and inexcusable delays or, in some cases, the precious metals were never delivered at all. Attorneys filed the complaint as a class action lawsuit based on a seven-month investigation that revealed other potential angry customers.

FAMC's website states, "Using Biblical principles, the FAMC staff conducts education conferences nationwide and produces a syndicated radio program concerning current economic, political, and religious issues."

Bates is Publisher and Editor of Monetary and Economic Review, a quarterly economic and financial publication that analyzes the economy and financial markets from a geopolitical perspective. He is also Publisher and Editor of Unravelling The New World Order, a monthly exposé of how government, financial, and religious insiders are deciding your future. These publications have subscribers in all 50 states and 23 foreign countries.