FINRA Files Complaint Against Thurman Ray

Thurman Ray “Bo” Crawford out of Beaumont, Texas was named as a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that in order to obtain his member firm’s approval for his intended sale of an offering, Crawford willfully omitted material facts during the employment negotiations regarding late payments and defaults by the issuer’s subsidiaries and failed to disclose the same material facts to customers in order to continue his sales of the issuer’s investments. The complaint alleges that Crawford knew, or should have known, that his firm had requested the PPM for the offering in order to determine whether to approve his employment by the firm and his sale of the offering. The complaint also alleges that Crawford knew, or should have known, that the PPM for the offering made the misrepresentation that the issuer’s affiliates had never missed a payment on their debt obligations. The complaint further alleges that Crawford received notice of late payment by the issuer’s entities prior to his firm’s approval of the offering, but did not disclose these late payments to his firm. In addition, the complaint alleges that as an investor in an offering, Crawford knew, or should have known, of the offering defaults. Moreover, the complaint alleges that following his firm’s approval of the sale of the offering, Crawford received notice of the defaults by the issuer’s entities, and in a continuing course of deception, he made misrepresentations and/or omissions of material fact in connection with the sale of offerings to customers. Furthermore, the complaint alleges that for each sale of the offerings, Crawford knew that customers were receiving a copy of the PPM for the offerings, knew that it falsely stated that none of the other issuer’s companies had delayed interest payments or defaulted, and despite the materiality of this information, Crawford did not take any steps to correct the misinformation with his customers. The complaint also alleges that not only did Crawford omit to disclose the payment history of the issuer’s entities from his firm and his customers who purchased the offering, but he also failed to inform prior purchasers of the defaults. The complaint further alleges that Crawford had also sold issues of other offerings to numerous customers while registered with another member firm, and declined the firm’s offer to inform the customers of the issuer’s late payments, stating that he would discuss the matter with the customers personally, but never initiated any conversations with prior investors regarding the delayed payments and defaults. In addition, the complaint alleges that any conversations that Crawford did have with investors occurred when investors called with concerns and resulted in him providing misleading information to the investors and false reassurances regarding the investment. (FINRA Case# 2009018817101).

According to FINRA’s records, Mr. Thurman has worked for some 14 different firms and has had 7 customer complaints, in addition to the above disciplinary matter.

If you have suffered losses at the hands of Thurman Ray "Bo" Crawford, please contact our securities law firm for a confidential consultation at 1-800-259-9010.

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