Thompson National Properties or TNP is a real estate investment company that supported and sponsored a number of investment programs as for instance TNP 2008 Notes. Because all three funds and programs organized by Thompson National Properties have failed to make distribution payments in due time, several investors engaged the services of legal counsels and filed cases against TNP and other involved parties. After the assertions with regard to the TNP-related misconduct have surfaced, the Financial Industry Regulatory Authority has opened an investigation against a former senior officer of TNP Securities, which is an in-house securities broker-dealer firm. |
At the beginning of this year, investors in Thompson National Properties – sponsored TNP Strategic Retail Trust, also known as TNP SRT, learned their distribution payments would be indefinitely suspended. Two other Thompson National Properties – sponsored programs, TNP 2008 Participating Notes and TNP 12% Notes, have failed to make distribution payments to investors over the past year. In addition, another TNP – sponsored program, TNP 6700 Santa Monica Boulevard, or TNP Kodak, is folding down, having sold its main asset at a lost following the bankruptcy of its tenant, Kodak, according to several documents filed in this particular case. The documents provided by TNP Kodak to its investors seem to have included omissions and misrepresentations that may have worked in favor of the decision to invest.
Tony Thompson, control person of TNP Securities, is being investigated by FINRA for failure to produce certain records in response to a FINRA request. It is yet unclear what those records pertain to. This TNP-affiliated entity allegedly helped Thompson National Properties to promote its real estate programs and offerings. Besides TNP Securities, several other broker-dealer firms acted as nationwide sellers and promoters of some of the TNP programs, such as TNP 12 percent notes and TNP 2008 Notes. Two recent class actions accused TNP and one of the stock brokerage firms that promoted TNP 2008 Participating Notes of promoting two respective TNP-sponsored programs through material misrepresentations and omissions.
One of the class action complaint alleges wrongdoing in connection with TNP Strategic Retail Trust and TNP 12% Notes, though those two TNP-sponsored programs were not sued in that case. The class action alleges investor funds were commingled and transferred from one program to another. An earlier FINRA complaint made similar accusations against several TNP- sponsored real estate investment programs.
The media partially covered the failure of these three TNP programs to make timely distribution payments, which means information regarding this subject is now available on the Internet for people interested in TNP matters. Therefore, the investors that retained legal counsel to defend their case in court and other involved parties have the possibility of follow online TNP-related news. Verifying the reliability of the information source is important, if people showing interest in this particular case want facts not mere allegations. Avoid reading the news covered by the tabloids and rely more on the information and updates provided by reliable sources, as for instance articles written by a nationwide litigation firm representing TNP investors in court.
For more resources about TNP 2008 Notes or about TNP 12 percent notes or even about TNP strategic retail trust, please review these links.
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TNP 2008 Notes, TNP 12 percent notes, TNP strategic retail trust,