Español Inner
Published on:

Investors Could Recover Losses for TNP-Sponsored Investments

Stock fraud lawyers are currently investigating claims on behalf of investors who suffered significant losses in several TNP-sponsored investments, including the TNP 2008 Participating Notes Program LLC, sold by Berthel Fisher & Co. Financial Services Inc. and other full-service brokerage firms. Reportedly, around $26 million was raised from investors in total for the TNP 2008 Participating Notes Program and, though Berthel Fisher acted as the underwriter for the deal, the investment was also sold by other broker-dealers.

Investors Could Recover Losses for TNP-Sponsored Investments

According to the allegations made by one investor, Berthel Fisher failed to make the proper disclosures and perform adequate due diligence regarding the TNP 2008 Participating Notes Program. A complaint was filed in the U.S. District Court for the Northern District of Iowa on July 8, which stated, “Berthel Fisher had actual knowledge of the misrepresentations and omission in the 2008 [private-placement memorandum] and failed to investigate red flags that pointed to other misrepresentations and omissions.”

The deal’s sponsor, Thompson National Properties LLC, and chief executive Tony Thompson have also been under investigation by securities arbitration lawyers for the TNP Strategic Retail Trust Inc., a non-traded REIT, and the TNP 12% Notes Program. Allegedly, the TNP Strategic Retail Trust was recommended to many investors for which it was unsuitable, given their age, risk tolerances and investment objectives. Reportedly, the 12% Notes Program, which was designed to raise capital for tenant-in-common real estate operations, suspended interest payments to investors and was in danger of defaulting on two loans.

In addition, a complaint filed in the U.S. District Court for the Central District of California alleged “misrepresentations, mismanagement, misappropriation of investor funds and other misconduct” on the part of Thompson and his team regarding another TNP-sponsored deal, TNP Kodak, or TNP 6700 Santa Monica Boulevard. According to stock fraud lawyers, it is possible that some brokerage firms may be held liable for inadequate due diligence or the unsuitable recommendation of TNP investments to investors.

If you suffered significant losses in the TNP 2008 Participating Notes Program LLC, TNP Strategic Retail Trust Inc., TNP 12% Notes Program or TNP Kodak, you may be able to recover your losses through Financial Industry Regulatory Authority arbitration. To find out more about your legal rights and options, contact a securities arbitration lawyer at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 for a no-cost, confidential consultation.

Contact Information