Investors in Thompson National Properties Real Estate Investment Program TNP 2008 Participating Notes Suing Program's Underwriter
New Orleans, Louisiana (PRWEB) July 25, 2013 -- Investors in Thompson National Properties real estate investment program TNP 2008 Participating Notes have sued Berthel Fisher & Company Financial Services, Inc., a securities broker-dealer firm based in Iowa that helped promote the TNP 2008 Notes offering.
Thompson National Properties (“TNP”), a California-based company, has sponsored several real estate investment programs since 2008. Some of the TNP programs, such as TNP 2008 Participating Notes, TNP 12% Notes, and TNP Strategic Retail Trust, defaulted on distribution or interest payments to investors over the past twelve months, according to securities attorneys Alan Rosca and Joe Peiffer, who represent the TNP 2008 Notes investor class along with their Iowa co-counsel, J. Barton Goplerud.
The Complaint filed on behalf of TNP 2008 Participating Note investors alleges the TNP 2008 Notes program was promoted to investors through material misrepresentations and omissions. The TNP 2008 Note program’s promoters were aware of some of the misrepresentations and omissions and failed to investigate others, despite glaring red flags, according to the allegations in the Complaint.
In an enforcement action taken last month against a former senior officer of a Thompson National Properties affiliate, the Financial Industry Regulatory Authority (FINRA) stated that TNP 2008 Notes and another TNP-sponsored program “were unable to pay certain investor distributions from operating cash flow and relied on new investor proceeds or transfers of cash from TNP or its affiliates in order to make distributions to investors.” The case was titled FINRA Department of Enforcement vs. Worcester, Disciplinary Proceeding No. 2011025785601, FINRA Office of Hearing Officers.
The FINRA enforcement action also stated that “the representations in the [TNP 2008 Note offering documents] regarding the condition of TNP had become materially misleading in that they failed to disclose adequately the true deteriorating financial condition of TNP and its ability to fulfill its obligations regarding guaranty of principal and interest.”
This case follows an earlier case filed by attorneys Rosca and Peiffer on behalf of investors in another TNP - sponsored program, TNP 6700 Santa Monica Boulevard, also known as “TNP Kodak.” TNP Kodak investors have already suffered losses when the main real estate asset owned by TNP 6700 Santa Monica Boulevard was sold at a loss. That case is titled Prock v. Thompson National Properties, et al., case no. 13-00942, in the United States District Court for the Central District of California.
Investors in TNP 2008 Notes and other TNP-sponsored programs may contact attorneys Alan Rosca or Joe Peiffer, toll free at 888-998-0520.
The class action filed against Berthel Fisher in connection with the TNP 2008 Note program is titled Hanson v. Berthel Fisher & Company Financial Services, Inc., et al., case no. 1:13-cv-67, United States District Court for the Northern District of Iowa.
This press release may be deemed to be attorney advertising. Visit http://www.tnpinvestors.com for important disclaimers and Thompson National Properties investor information.
Alan Rosca, Fishman Haygood Phelps Walmsley Willis & Swanson, LLP, http://www.tnpinvestors.com, +1 888-998-0520, [email protected]
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