Prosecutors: Ex-lawmaker, relatives convicted in Ponzi case
Source: Associated Press
Updated 6:06 pm, Wednesday, May 3, 2017
MEMPHIS, Tenn. (AP) — A former Tennessee House member and three of his relatives have been convicted by a federal jury in a multi-million dollar Ponzi scheme that was promoted on Christian media and centered on buying and selling gold and silver coins, federal prosecutors said Wednesday.
Former state Rep. Larry Bates; his sons, Chuck and Robert Bates; and Robert Bates' wife Kinsey, were found guilty of mail and wire fraud during a five-week trial in Memphis.
Prosecutors said the Bateses worked through First American Monetary Consultants, which had offices in Memphis and Boulder, Colorado. More than 360 people lost more than $21 million in the scheme, which lasted from 2002 through October 2013.
Larry Bates, who served in the House in the 1970s, promoted the company though Christian television and radio programs, prosecutors said. Bates held conferences predicting an economic collapse and emphasizing the need to invest in precious metals. Evidence at trial showed he diverted more than $4 million to the creation of International Radio Network, a Christian radio system.
Read more: http://www.chron.com/news/crime/article/Family-convicted-in-coin-selling-scheme-in-11119361.php
[center]
= new reply since forum marked as read
[center]
