- Associated Press - Thursday, August 6, 2015

MEMPHIS, Tenn. (AP) - A former Tennessee legislator and his two sons have been charged in a federal indictment with defrauding customers of their gold and silver business of more than $18 million.

Prosecutors say Larry Bates, who served in the Tennessee Legislature from 1971 to 1976, and his sons, Charles and Robert Bates, are accused of encouraging customers to buy gold and silver from First American Monetary Consultants but failed to deliver. Prosecutors say the men told potential customers to buy gold and silver to protect against “Mystery Babylon,” an alleged forthcoming economic, political and religious downturn.

Larry Bates was CEO, and his sons worked for FAMC. Larry Bates was also CEO of Information Radio Network Inc., which prosecutors say provided listeners with advice on topics including politics and world economy.

Attorneys for the men didn’t immediately reply to emails seeking comment.

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