Zamansky is investigating Tony Thompson (“Thompson”) and his TNP Note Programs for misleading sales practices and unsuitable investment sales. Thompson runs several note programs under his firms name Thompson National Properties LLC, or TNP. His TNP Note Programs include the following:
TNP Strategic Retail Trust
TNP 2008 Participating Notes Program
TNP 12 Percent Notes Program
TNP Profit Participation Program
TNP Vulture Fund VIII
TNP Irving Square
The investigation concerns misleading sales practices by Thompson and his broker-dealer TNP Securities LLC, as well as independent financial advisors, who sold investments in the TNP Notes Programs. The TNP Notes were sold to many conservative income-seeking investors who wanted safe returns as low risk investments. In truth, the TNP Notes were speculative and risky investments that lacked liquidity.
The TNP Notes also were sold at inflated arbitrary values of $10 per share, when the true net asset value was substantially lower due to non-performing, underlying loans. For example, TNP Strategic Trust reports that it is actively negotiating forbearance agreements for two loans to stave off foreclosure. Meanwhile, it still offers shares at $10 to investors when its true net asset value appears to be below $7 per share, its carrying a $22 million accumulated deficit and its cash flow is not sufficient to cover its distributions to investors. Thompson and TNP are hyping Strategic Trust as worth $10.60 per share in sales materials for a new capital raise.
If you are an investor in any of the TNP Notes Programs and feel you were misled, please contact Jake Zamansky at 212 742-1414, or firstname.lastname@example.org.