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Report: #840176

Complaint Review: Ray Brown & Associates - Phoenix Arizona

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  • Reported By: Atlanta — virginia beach Virginia United States of America
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  • Ray Brown & Associates 26811 N. 21st Drive Phoenix, Arizona United States of America

Ray Brown & Associates R.B.Associates (RBA) Security PONZI Scheme BEWARE!!!!!! Phoenix, Arizona

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Mr. Ray Brown offered an opportunity to receive 100% return on initial investment within 20 trading days, one month/cycle. The initial enrollment is a three month agreement. With statements issued weekly by Mr. Brown.

After 20 days of trading, one month/cycle the member has an option/opportunity to withdraw and receive interest payments.
 
Joining the group in December and as of this day Feb.16, following protocol and requesting a withdrawl, I HAVE NOT received ANY interest payments. Mr. Brown has repeatedly made unfulfilled promises on a weekly and/or daily basis. January 27, was the day I was to receive the requested interest payment amount. Accordingly to the rules of my contract., my initial investment being $5,000. should be at approximately $15,000.  

I did receive weekly statements up until last week. However, they have now stopped. During my enrollment time, Mr. Brown has changed names of the company. The terms of the company for any new subscribers has also changed as well. My friend who introduced me to Mr. Brown is also at a great loss totaling over $275,000.  He has been awaiting a interest payment from Mr. Brown since November! He too has stopped receiving weekly statements and communication with Mr. Brown has become estranged.

Mr. Brown has made reference to other members getting attorney's involved which has tied up/frozen funds from the group accounts. 
 
This is HORRIBLE!!!!! Mr. Brown's integrity and business ethics are NOT trustworthy. DO NOT i repeat DO NOT enter into any agreement with this trader. Empty promises.............................
PONZI scheme? ROBBED?  i am not sure however, something is going on. There is money. Someone has the money. It is NOT me!!!!

This report was posted on Ripoff Report on 02/16/2012 10:54 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ray-brown-associates/phoenix-arizona-85085/ray-brown-associates-rbassociates-rba-security-ponzi-scheme-beware-phoenix-ar-840176. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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