Thompson National Properties affiliate TNP Securities, a broker-dealer that was owned and controlled by TNP founder Tony Thompson, has shut down.
TNP Securities has been sued by the securities industry regulators and accused of fraud in connection with its promotion of several TNP-sponsored real estate investment programs.
TNP Securities was one of the major promoters and sellers of TNP-sponsored programs, including TNP Strategic Retail Trust, now known as Strategic Realty Trust, TNP 2008 Participating Notes, and TNP 12% Notes. All three programs have struggled financially in 2013 and have defaulted on various financial obligations.
In their lawsuit against TNP Securities and Tony Thompson, the securities industry regulators have accused the broker-dealer firm and its founder of raising money from investors in certain Thompson National Properties – sponsored programs through misrepresentations and omissions in the programs’ offering documents.
The regulators charged TNP Securities and Thompson with making untrue statements of material fact or omitting to state material facts in connection with the offering and sales of certain TNP-sponsored programs. Thompson has denied the charges.
The Peiffer Wolf Carr & Kane securities attorneys have filed three class actions on behalf of investors in Thompson National Properties-sponsored programs including TNP 2008 Participating Notes, TNP Strategic Retail Trust, and TNP 6700 Santa Monica Boulevard (“TNP Kodak”). They have also filed claims in FINRA arbitration on behalf of TNP investors, against the securities broker-dealer firms that sold the TNP programs to such investors.
“We will continue to seek compensation on behalf of our clients who invested in TNP-sponsored programs, from broker-dealer firms that recommended unsuitable investments to their customers and failed to conduct adequate due diligence,” said attorney Jason Kane, one of the Peiffer Wolf Carr & Kane securities lawyers representing investors in Thompson National Properties programs.
Investors in real estate investment programs sponsored by Thompson National Properties may contact the Peiffer Wolf Carr & Kane securities lawyers, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, toll-free at (216) 589-9280 or through this website.