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FINRA Order: Tony Thompson Barred From Securities Industry

AIMkts Editorial Staff

FINRA Bans Tony ThompsonTony Thompson, a licensed securities professional since 1972, has been barred by FINRA from the securities industry. Read the full decision here.  FINRA went after Thompson after investors bought $50 million in high-yield promissory notes sponsored by TNP Securities, a broker-dealer owned by Thompson. The notes later missed payments and went into default. An example of Thompson’s deception is noted in TNP Securities’ failure to disclose negative equity of $18 million in private placement offering documents.

Thompson was well known in the securities industry for packaging and selling a product called Tenants-in-Common Exchanges. He was the authority on the topic 10 years ago. In 2007, a Thompson-related company, NNN Realty Advisors, was sold to Grubb & Ellis. FINRA entered the high penalty based on Thompson’s lack of contrition. Thompson did not take blame for the loss of more than $36 million because he said he relied upon his lawyers’ and accountants’ advice. FINRA did not accept this defense, asserting that Thompson exercised complete editorial control over the packaged products.

For a number of excellent resources investors should be aware of to protect themselves against fraud, click here.