TNP and its principals transferred millions of dollars from TNP 2008 and another TNP program – TNP Profit Participation Program Notes – to other TNP affiliates between 2009-2014, according to documents obtained by the Peiffer Wolf Carr & Kane attorneys who represent TNP investors.
TNP Class Action Cases Filed by the Peiffer Wolf Carr & Kane Lawyers on Behalf of TNP Investors
The Peiffer Wolf Carr & Kane investor rights lawyers, Jason Kane and Joe Peiffer, have filed several class actions and FINRA arbitration proceedings on behalf of investors in several Thompson National Properties – sponsored programs, including TNP 2008 Participating Notes, TNP Strategic Retail Trust, TNP 12%, and TNP 6700 Santa Monica Boulevard (“TNP Kodak”).
In the TNP class action lawsuit they filed on behalf of investors, the Peiffer Wolf Carr & Kane lawyers alleged that important information about TNP’s financial situation was not disclosed to investors when they were solicited to invest in the TNP programs. Such information was material and the TNP investors should have been made aware of it, the Peiffer Wolf Carr & Kane attorneys charged.
The Peiffer Wolf Carr & Kane lawyers have filed cases on behalf of TNP investors against several securities broker-dealer firms involved in the promotion and sales of TNP programs such as TNP 2008, TNP 12%, and TNP Strategic Retail Trust. They are preparing to file more cases.
Millions of Dollars Transferred as “Loans” from TNP 2008 and TNP PPP to Other TNP Affiliates
0Millions of dollars have been transferred between 2009-2014 from TNP 2008 Participating Notes and TNP Profit Participation Program to other TNP affiliates, without the investors’ knowledge or advance consent, according to evidence collected by the Peiffer Wolf Carr & Kane lawyers in connection with their cases on behalf of TNP investors.
The money was transferred as supposed “loans” with purported interest rates of 10-14%. However, the TNP entities that received the “loans” defaulted on the repayment of interest and principal, documents reviewed by the Peiffer Wolf Carr & Kane lawyers indicate.
The TNP “borrowers” currently owe approximately $10 million to the TNP 2008 Participating Notes and TNP Profit Participation Note programs.
Both programs have defaulted on their payments to investors. The $10 million “borrowed” by TNP from the two programs represents a considerable percentage of the total money raised from investors in TNP 2008 Notes and TNP PPP.
The Peiffer Wolf Carr & Kane Investment Fraud Lawyers Are Seeking Compensation for TNP Investors
The Peiffer Wolf Carr & Kane securities practice lawyers represent many investors in Thompson National Properties-sponsored programs. They are continuing to file cases on behalf of new TNP investors who have contacted the law firm and are seeking compensation for their investments. They have already settled cases on behalf of TNP investors. More cases are pending.
The Peiffer Wolf Carr & Kane lawyers typically take cases on behalf of investors on a contingency fee basis. They advance the case expenses and only get paid for their work and expenses when they recover money for their clients.
Investors in Thompson National Properties – sponsored programs such as TNP 2008 Notes, TNP 12% Notes, TNP Strategic Retail Trust (now known as Strategic Realty Trust), TNP Vulture Fund, TNP 6700 Santa Monica Boulevard, and other TNP programs may contact the Peiffer Wolf Carr & Kane lawyers, Jason Kane or Joe Peiffer, for a free evaluation of their recovery options, toll free at (216) 589-9280, via email at email@example.com, or through the contact form on this page.