According to reports, FINRA is investigating Tony Thompson and his broker-dealer, TNP Securities LLC, for failing to turn over documents to FINRA. By failing to turn over documents to FINRA, Mr. Thompson allegedly violated industry rules that require firms and individuals to produce information upon request. Mr. Thompson’s FINRA Broker Report also indicates that he also allegedly broke rules requiring high standards of commercial conduct and fair principles of trade.
This isn’t the first report of trouble for Tony Thompson. Mr. Thompson is also reportedly facing significant financial hurdles, most notably the default last year on $21.5 million of private notes he sold in 2008 and 2009 to raise money for his latest venture, Thompson National Properties LLC.
TNP Securities is also under FINRA investigation for alleged violations of rules. FINRA’s investigation of the TNP Securities is focused on the firm’s failure “to produce a privilege log for approximately 316,000 attorney-client privilege e-mails.” (A privilege log is a list of documents sent between an attorney and client which are asserted as exempt from discovery because of the attorney-client privilege).
According to the BrokerCheck reports, FINRA in January made the inquiries regarding the documents around the same time that Mr. Thompson was attempting to sell shares in TNP Strategic Retail Trust Inc (a non-traded REIT).
The White Law Group continues to investigate potential FINRA arbitration claims involving Thompson National Properties investments, including TNP Strategic Retail Trust and the TNP 12% Notes Program (the TNP 12% Notes Program LLC suspended interest payments to investors in July 2012).
Brokerage firms have a fiduciary duty to perform due diligence on any investment prior to offering it for sale to its clients. Broker dealers also are obligated to ensure that any recommendation it makes is appropriate in light of the investor’s age, investment experience, net worth, and investment objectives. Based on the information now known about several of the Thompson National Properties offerings, it appears that the firm’s that recommended these investments to their clients may have done so improperly.
If you believe that you have suffered losses as a result of your investment in a Tony Thompson or Thompson National Properties offering, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.