According to a recent article in the Investment News, Tony Thompson’s real estate investment company, Thompson National Properties (TNP) is seeking investors who are willing to exchange high yield notes for equity in his real estate ventures as part of a plan to restructure $50 million of debt that were sold from 2008-2012.
The article notes that the financial fate of TNP may be dependent upon the restructuring and cites a recently issued confidential offering memorandum. TNP lost over $51 million from 2008-2013, which is just slightly more than the three note programs currently in default, per Investment News.
In July 2013, the Financial Industry Regulatory Authority(FINRA) filed a complaint alleging that Mr. Thompson deceived and defrauded investors who bought the $50 million in high-yield promissory notes, in violation of the Securities and Exchange Act of 1934 and FINRA Rule 2020, prohibiting manipulative, deceptive or fraudulent devices and 2010 requiring registered representatives to adhere to high standard of commercial honor and trade.
If you invested in any of the TNP notes, you may be able to recover damages through FINRA arbitration. Call to discuss your legal options.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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