April 3, 2015 Comments (0) Blog, Securities Fraud

Tony Thompson Barred by FINRA

(Last Updated On: July 17, 2015)

According to InvestmentNews, the Financial Industry Regulatory Authority(FINRA) has barred Tony Thompson from the securities industry and expelled TNP Securities.

Thompson has been under investigation with FINRA for some time. According to the report, in July 2013 FINRA alleged that Mr. Thompson deceived and defraud investors who purchased $50 million in promissory notes through the broker-dealer he owned, TNP Securities. FINRA alleged that the offering material in connection with the promissory notes failed to disclosed or omitted material facts. ¬†InvestmentNews reported that “TNP did not disclose, for example, the firm’s negative equity of $18 million in the private placement offering documents, according to the Finra order.” The notes missed payments and eventually went into default.

According to InvestmentNews, FINRA originally wanted Thompson to repay $26.2 million to investors. There was an “insufficient basis” that the losses were caused by misstatements and omissions, however it was enough to ban Thompson from the industry.

The various private placements sold through TNP Securities include TNP Strategic Realty Trust Inc, TNP 12% Notes Program LLC, TNP 2008 Participating Notes Program LLC, TNP Profit Participation Program LLC, and TNP Venture Fund III.

The White Law Group has been following the Thompson situation for some time (here) and continues to investigate potential FINRA claims on behalf of investors seeking to recover investment losses.

Broker-dealers have a fiduciary duty to perform adequate due diligence on any investment. The Financial Industry Regulatory Authority (FINRA) requires that broker-dealer fully disclose all the risk in any investment when making recommendations, and ensure that the investment is suitable for their client. Broker-dealers that make unsuitable investment recommendations or fail to adequately disclose risks associated with the investment may be liable for investment losses.

If you feel that your broker-dealer misrepresented TNP Strategic Retail Trust or another investment offering with Thompson National Properties, the securities attorneys of The White Law Group may be able to help you recover your losses through FINRA Arbitration. For a free consultation please call The White Law Group at (312)238-9650.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

-->