Northstar Investors May Be Able to Recover Their Losses Through FINRA Arbitration
National securities and investment fraud law firm Levin Law, P.A. (“Levin Law”) is investigating brokerage firms that recommended and sold Northstar Financial Services (Bermuda) Ltd. investments. In 2020, Northstar Financial Services filed for bankruptcy and is currently in provisional liquidation.
If you were recommended and sold Northstar Financial Services (Bermuda) investments and suffered losses, please contact our office at (855) 862-2306 or co*****@le********.com. Investors might be entitled to compensation through a FINRA arbitration claim.
Levin Law, P.A. represents investors in the U.S., Japan, Latin America, Ecuador, and worldwide.
Investors Have Suffered Losses Due to Northstar’s Collapse Following Greg Lindberg’s Conviction
Soon after Northstar’s acquisition by Global Bankers, Northstar fund shares declined in value following allegations of misconduct and a subsequent criminal conviction of Greg Lindberg, Global Bankers’ founder and chairman. In March 2020, Lindberg was convicted on federal charges of attempted bribery and corruption.
Unsuitable Northstar Recommendations Led to Millions in Losses
Investors in Northstar Financial Services (Bermuda) Ltd (“Northstar”) have unsuccessfully attempted to redeem their funds and may have lost them completely. Northstar was unable to provide liquidity to investors who attempted to liquidate their investments.
Advertised as purportedly conservative investments comparable to a bank certificate of deposit, financial advisors from SunTrust and other broker-dealers are alleged to have recommended Northstar to investors in Florida, South America, Japan, Indonesia, and other countries.
Court documents from Bermuda indicated over $70 million was owed to investors as of September 2020 but Northstar reported only $8 million in assets.
Which Banks and Brokerages Recommended or Sold Northstar?
The following brokerages have been known to recommend and sell Northstar Financial Services (Bermuda) investments:
- Cetera Investment Services
- J.P. Morgan Securities
- Ocean Financial Services
- Hancock Whitney Investment Services
- Sun Trust Investment Services
- Unionbanc Investment Services
- Wells Fargo Investment Services
Northstar Financial Services, based in Bermuda, offered fixed-rate, insurance, annuities, and other products including:
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Advantage Select
- Global VIP Elite, and
- Global Index Product
Have You Suffered Losses Related to Northstar Financial Services (Bermuda)?
A brokerage firm may be held liable for losses resulting from their representative’s unsuitable recommendation, failure to adequately disclose risks, material misrepresentations, negligence, or breach of fiduciary duty.
Investors may also be entitled to compensation through a FINRA arbitration claim for the broker-dealer firm’s failure to properly investigate the investments recommended by their stockbroker or investment advisor, as well as their failure to supervise.
Several arbitration claims against brokerage firms that recommended investment in Northstar Financial Services (Bermuda) have already been filed with the Financial Industry Regulatory Authority (FINRA), including those against SunTrust Investment Services and Ocean Financial Services. It is believed that brokers received high-commissions for the recommendation and sale of these risky, unsuitable investments.
If you suffered losses in a Northstar investment, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action against the financial professional or institution that recommended Northstar to you.
Contact Levin Law for a Free Case Evaluation
If you invested with Northstar Financial Services (Bermuda) and suffered substantial losses, contact Levin Law for a free case evaluation. Managing Partner Brian Levin has recovered millions on behalf of individual and institutional investors throughout the world.
Contact Levin Law managing partner Brian Levin at (855) 862-2306 or email br***@le********.com for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
About Levin Law
Levin Law is a premier national cryptocurrency, securities, commodities, futures, and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $150,000,000 through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world.
Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.
