Marked as
Last updated - February 9, 2026
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Ray Brown & Associates, operated by convicted fraudster Ray Thomas Brown in Phoenix, ran an unregistered commodity pool scam that defrauded victims of over $1.2 million with fake 100% monthly returns. The firm was never legally registered and remains tied to permanent CFTC bans and massive unpaid restitution.
Owner
High Risk
Based on the available data, we advise consumers to avoid this Company altogether.
This advisory is based on an aggregate risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You are likely to be at great risk by engaging in any sort of consumer-related activity with this entity.
Medium Risk
Based on the available data, we advise employees to be mindful when considering or continuing work with this Company.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Based on the available data, we recommend investors and bankers proceed with caution regarding this Company.
This advisory is informed by a medium-risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Financial involvement with this entity may carry moderate risks to your interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
None
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Amount Defrauded
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Current Risk
Ray Brown & Associates was never registered as a corporation in Arizona or with the CFTC as a commodity pool operator or trading advisor.
The vast majority of funds were misappropriated for personal expenses and Ponzi-style payments to earlier investors instead of legitimate trading.
The operation defrauded approximately 60 victims across multiple states of more than $1.2 million, including life savings and retirement funds.
Ray Thomas Brown, who controlled the firm, pleaded guilty to wire fraud and received a 24-month federal prison sentence.
The firm issued completely fabricated monthly statements showing impossible exponential growth to deceive participants.
The CFTC filed a 2012 civil enforcement action charging the firm’s operator with fraud, misappropriation, and registration violations.
Regulatory and Compliance Screening
Litigation and Legal Proceedings
Reputational and Adverse Media Risks
Geographic and Jurisdictional Risk
What you see here scratches the surface
We offer reward for actionable intel
Ray Brown & Associates advisor Ray Thomas Brown pled guilty to investor fraud involving false returns and over $1M in losses.
First Detected
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CFTC charged Ray Brown & Associates advisor Ray Thomas Brown with fraud and misusing over $1M in investor funds.
Ray Brown & Associates’ Ray Thomas Brown asked for leniency after pleading guilty in a Phoenix investor fraud case.
Other Red-Flags and Adverse News
Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
Known Assets: [Real estate, investments, companies]
Suspicious Transactions
Liabilities: [Bankruptcies, defaults, debts]
Wealth Sources: [Legitimate / Unclear / High-risk]
Bank Relationships
Ultimate Beneficial Owner(s) (UBOs)
Shareholding structure
Associated entities & subsidiaries
Offshore / shell company links
Trusts / Nominee arrangements
Business Model Assessment
All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
0
Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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