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Robert W Pearce
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Mr. Pearce has tried, arbitrated and mediated numerous disputes involving complex securities, commodities, administrative, contract, commercial, business tort and employment law issues for over 30 years. He has represented hundreds of clients in Federal and state courts (trial and appellate) as... More
My company:
The Law Offices of Robert Wayne Pearce, P.A.
My blog:
The Investor's Rights Law Blog
  • TNP SECURITIES AND TONY THOMPSON NAMED IN FINRA COMPLAINT FOR ALLEGEDLY FAILING TO DISCLOSE MATERIAL INFORMATION RELATED TO PRIVATE PLACEMENT OFFERINGS 0 comments
    Dec 12, 2013 12:02 PM

    Costa Mesa, California-based TNP Securities, LLC along with one of the firm's former Irvine, California-based registered representatives, Anthony Warren Thompson, a/k/a Tony Thompson, was named in a Financial Industry Regulatory Authority (FINRA) complaint alleging that the firm, Mr. Thompson, and an entity conducted a series of private placements of securities to raise capital for the entity through wholly-owned subsidiaries of the entity but failed to disclose or omitted material facts concerning the entity's venture and the guaranteed notes programs during the respective offering periods. The guaranteed note programs included the TNP 12% Notes Program, TNP 2008 Participating Notes Program, LLC, and TNP Profit Participation Program, LLC (the Notes). To allegedly induce investors to fund Mr. Thompson's real estate ventures, the Notes offerings featured an express guaranty of principal and interest by the entity. The complaint alleges that the entity, acting through Mr. Thompson, and the firm continued to sell the Notes without providing potential investors with current material information in the respective offering materials regarding the performance of the entity and the guaranteed notes programs. FINRA found the information material to potential investors, especially in light of the entity's offer of a guaranty.

    In addition, the complaint alleges that the firm failed to establish, maintain, and enforce a system and procedures reasonably designed to supervise the firm's business in private placement offerings of securities. In that regard, the firm allegedly failed to ensure that it and its personnel did not violate the antifraud provisions of the federal securities laws or FINRA rules in connection with the preparation or distribution of offering documents, sales literature, or other communications with the public.

    The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. Please see our Instablog profile (left column) for ways to contact us and get answers to any of your questions about this blog post and/or any related matter.

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