Today, the Financial Industry Regulatory Authority (FINRA) announced that it has suspended Wendy Worcester, a former Co-Chief Financial Officer of TNP Securities, for five months from the securities industry for failing to conduct adequate and independent due diligence into several of Anthony “Tony” Thompson’s real estate deals.
TNP Securities, a securities broker-dealer controlled by Tony Thompson, served as the promoter of some of the real estate offerings organized by Thompson National Properties. Worcester acted as TNP Securities’ Co-Chief Compliance Officer between May 6, 2009 and October 26, 2010, when she was terminated.
Worcester was the designated principal responsible with conducting due diligence for private placement and registered offerings by TNP Securities, according to the regulators’ Order. In that capacity, she failed to conduct an independent, thorough, and reasonable investigation of the TNP offerings, the regulators charged. As a result, TNP – sponsored real estate investment programs were sold pursuant to prospectuses and private placement memoranda that contained misleading information, according to the regulatory complaint.
Securities attorneys Alan Rosca, Joe Peiffer, and Lance McCardle have been retained by a number of investors in TNP-sponsored programs and are preparing to take legal action and seek compensation on behalf of their clients.
Investors in Thompson National Properties – sponsored programs are encouraged to call attorneys Rosca, Peiffer, or McCardle for a free evaluation of their case at 888-998-0520.
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FINRA Sanctioning Former TNP Securities Compliance Officer