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.
So many times, the coins never came.
Bates was sentenced Tuesday to more than 21 years in federal prison
for leading a multimillion-dollar Ponzi scheme that prosecutors said
defrauded more than 400 people from 2002 through 2013.
Bates, his two sons and his daughter-in-law were convicted in Memphis
federal court in May of wire and mail fraud. His relatives await
sentencing.
U.S. District Judge Sheryl Lipman ordered Bates, 73, to repay more
than $21 million to victims. A large number of those victims were
elderly Americans who lost life savings and the ability to pay for
health care, prosecutors said.
Ex-lawmaker gets 21 years for 'end of world' coin scheme
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