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Christian Financial Gold Guy Accused Of $80 Million Fraud

Dr. Larry Bates, author of The New Economic Disorder, and popular guest and host on Christian radio is facing very serious allegations and an $80 million dollar lawsuit for fraud.  I have never met Bates, which is rather remarkable since we have been in the same circles for about 15 years.  In fact, Dr. Bates purchased the USA Radio Network in recent years where I hosted a national talk show and served as their Vice President during the 1990’s.

From what I understand, the allegations are all connected to Bates selling gold and then not delivering it to customers. One article I read included a victim account claiming that they had bought gold more than three years ago from Bates’ organization and still had not received it.

More bad news for Bates came recently when he was evicted out of his Fort Collins Colorado headquarters.  The story gets more bizarre in so many ways I don’t know where to start.  Take for example this story on a local TV station in Colorado that is not able to get copies of the fraud complaints on the Bates’ case.  Some suggest that Bates’ status as a former Tennessee State Representative has garnered special treatment for him. We don’t have all of the details here, but there is more than enough smoke to warrant jumping to some conclusions.  The BBB has lowered the rating on Bates’ organization to F.  We also found nothing on the IRN/USA Radio Network site about Bates.  He may have sold his interest in the network, or they may have simply purged his name from the site to avoid bad PR.

This is not a new case, although we only became recently familiar with Dr. Bates’ fall from grace.  It appears that problems have been brewing here for at least two years with investors.  There have been no criminal charges filed, but that may be still to come if regulators determine that Bates was defrauding investors and operating what was tantamount to a Ponzi scheme.

James L. Paris
ChristianMoneyPlus Co-Founder

Christian Financial Radio Host Goes To Prison

Below is another example of a Ponzi scheme targeting Christians.  A reminder that we should not just trust someone merely on the basis that they profess a Christian faith.

“In the end, Patrick Kiley’s booming radio voice was softened, only able to apologize for scamming hundreds of victims of Trevor Cook’s Minneapolis-based Ponzi scheme.

Before he was sentenced Monday to 20 years in a federal prison, Kiley, 75, said that to apologize fully would require more than the two minutes the court gave him to speak.

He didn’t get the extra time.

“I take responsibility for what I believed in, for which I was wrong,” Kiley said.

U.S. District Chief Judge Michael Davis, who presided over Kiley’s trial last summer and the legal consequences of Cook’s $194 million Ponzi scheme, said that if Kiley’s case were a routine federal crime, Kiley wouldn’t have received such a severe sentence.” Full Story Click Here

James L. Paris
ChristianMoneyPlus Co-Founder