ORLOWSKI, et al v. FIRST AMERICAN MONETARY CONSULTANTS, INC., INFORMATION RADIO NETWORK, INC., LARRY BATES, BARBARA BATES, ROBERT BATES, CHARLES E. BATES, KINSEY BROWN BATES and CECILIA STANDLE

Case No. 2:11-cv-01396, United States District Court, Western Dist. of Tenn.

NOTICE OF APPOINTMENT OF RECEIVER

On December 28, 2011, Plaintiffs sued First American Monetary Consultants, Inc. and others, alleging that that FAMC and the other Defendants induced Plaintiffs and others similarly situated to send money to FAMC for purchases of precious metals and converted the funds received to the Defendants’ own use and benefit. The Plaintiffs also alleged that FAMC had an ongoing pattern and practice of knowingly and intentionally taking money from clients who purchased assets; delaying fulfillment of precious metal purchases for an unjustifiable amount of time; knowingly and intentionally filling only parts of precious metals orders, while keeping the money without either a refund or distribution of the purchased precious metals; and knowingly and intentionally failing to fill orders in their entirety.

On October 9, 2013, the Plaintiffs filed a motion to appoint a receiver and, on October 21, 2013, the United States District Court entered the order appointing John L. Ryder as Receiver over FAMC “with all rights and powers necessary to safeguard, collect, and manage the assets of the Receivership Entities.”

The court appointed the law firm of Harris Shelton Hanover Walsh, PLLC as counsel for the Receiver and questions regarding the Receivership maybe directed to the firm:

Laura S. Martin, Esq.
Harris Shelton Hanover Walsh, PLLC
40 South Main, Suite 2700
Memphis, TN 38103
901-525-1455 phone
901-526-4084 fax


Click here to view Order Appointing Receiver


PENDING CLASS ACTION LAWSUIT


On April 30, 2014, the Court entered an order certifying a class defined as follows:

All individuals who, after January 1, 2006, placed an order for precious metals with First American Monetary Consultants (“FAMC”), sent payment to FAMC for the precious metals ordered, and either 1) failed to receive all or part of the metals ordered, or 2) received products inferior to the products ordered, or 3) failed to receive the ordered products within a reasonable amount of time, resulting in damages to Plaintiffs, or 4) those persons whose purchased metals were to be stored by Defendants, whose metals cannot be located. “Payment” is defined as those who sent money in exchange for receipt of metals, those who sent in precious metals in exchange for precious metals, or those who sent in metals in exchange for monies not received.


The Court appointed the attorneys listed below as class counsel who may be contacted regarding the class action:


J. Houston Gordon Gerard V. Mantese
Amber Griffin Shaw David Honigman
Law Office of J. Houston Gordon, PLLC Mantese Honigman Rossman & Williamson
114 W. Liberty Ave., Suite 300 1361 E. Big Beaver Rd.
Covington, TN 38019 Troy, MI 48083
(901) 476-7100 phone (248) 457-9200 phone
(901) 476-3537 fax (248)457-9201 fax


Click here to view Notice of Class Action and Order setting opt-out date as August 21, 2014.


FILING A CLAIM WITH THE RECEIVER



Through analysis of the books and records maintained by FAMC, the Receiver identified potential customer Claimants. These customer claims fall into four basic categories (1) the customer sent FAMC money for the purchase of metals and the customer failed to receive all or part of the metals ordered; (2) the customer sent FAMC metals (usually silver) for the purchase of metals (usually gold) and the customer failed to receive all or part of the metals ordered; (3) the customer sent FAMC metals to sell on the customer’s behalf and the customer failed to receive the sale price of the metals; and (4) the customer requested that FAMC store or deposit his or her metals and those metals cannot be located at FAMC or any authorized depository.

On March 10, 2010, the Court entered it Order Establishing Claims Process. Anyone that submits a Proof of Claim submits to the exclusive jurisdiction of the United States District Court for the Western District of Tennessee for all purposes, including without limitation, as to any claims, objections, defenses, or counterclaims, including those arising out of any dealing or business transacted by or with FAMC or other Receivership Entity, or dealing or business transacted that related in any way to any property in the possession of the Receiver. Claimants waive any right to a jury trial with respect to such claims, objections, defenses, and counterclaims.

The deadline to submit a claim with the Receiver is March 31, 2015.


Click here to view a Claim Form