Former lawmaker sentenced to 21 years in Ponzi scheme

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Title : Former lawmaker sentenced to 21 years in Ponzi scheme
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news-today.world | A former Tennessee lawmaker who led a multi-million dollar Ponzi scheme centered on buying and selling gold and silver coins has been sentenced to 21 years behind bars.

Along with the jail sentence, 73-year-old former Democratic state rep. Larry Bates was ordered to pay more than $21million in restitution to more than 400 customers he swindled.

Bates, his two sons, and daughter-in-law were found guilty in May of mail and wire fraud.

The Democrat who served in the Tennessee House from 1971 to 1976, promoted the company though Christian television and radio programs.

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