Northstar Bermuda FINRA Arbitration Hearing to Take Place in Houston, Texas
A couple who live in Mexico has filed a FINRA arbitration claim against Wells Fargo Clearing Services for the six-figure loss they sustained from investing in Northstar Financial Services (Bermuda).
The claimants were longtime Wells Fargo Bank clients and they were referred to a financial advisor at the broker-dealer. They would go on to work with other Wells Fargo Securities brokers as time passed.
Because the broker-dealer’s registered representatives unsuitably recommended and sold investments in Northstar (Bermuda) to the couple, the claimants are now pursuing up to $500K in damages.
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is representing these Mexican investors in their FINRA arbitration claim. This is one of many Northstar Financial Services (Bermuda) cases we’ve filed against the broker-dealers that unsuitably sold annuities from this off-shore company.
Claimants Sought Safe Haven, Instead Lose Six-Figures
Like many foreign nationals who’ve looked to the US to preserve their assets in a more stable economy, this couple entrusted Wells Fargo to keep their money safe. The claimants, who are both inexperienced investors, were reluctant to take on much risk. They wanted safety and modest returns.
Instead, the brokerage firm placed their funds in Northstar products and misrepresented that this was a safe and suitable investment. In fact, this is an off-shore entity that lacked the stability and protections these customers sought and could have found in similar, US-based products.
It seems likely that the high commissions and fees that the firm and its financial advisors earned for selling these Northstar annuities were a greater motivation than taking care of their customers’ best interests.
Northstar Financial Services (Bermuda) in Liquidation Proceedings
Northstar Financial Services (Bermuda) is owned by Global Bankers, which was owned by billionaire Greg Lindberg. He is now in prison for wire fraud and bribery. Lindberg took money from the annuity and insurance companies he owns and funneled the funds to other entities he operates.
With Lindberg now in jail and the company in liquidation proceedings, it is unlikely that investors will get their money back unless they pursue damages through FINRA arbitration. This is where SSEK Law Firm comes in.
Our savvy FINRA arbitration attorneys have the skills, experience, and resources to go after the big broker-dealers and fight for investors’ financial recovery.
Unsuitability, Negligence, and Failure to Supervise
In their FINRA arbitration case, these investors are alleging unsuitability, misrepresentations and omissions, negligence, and gross lack of supervision.
For years, Wells Fargo had a chance to rectify their mistake of investing the claimants in Northstar (Bermuda). Instead, the firm continued to renew these investors’ annuity contracts. Clearly, no meaningful supervision occurred.
Northstar Financial Services (Bermuda) Investor Law Firm Fighting For Central American Investors
SSEK Law Firm represents investors throughout the Americas and Asia in recouping their Northstar Financial (Bermuda) losses involving Global Index Product, Global Advantage Select, Global Advantage Plus Series, Global VIP Elite, PB Investment Holdings, and Global Interest Accumulator.
To schedule your free case consultation with one of our investment fraud attorneys, call us at (800) 259-9010 in the United States and (800) 283-3403 in Mexico. Or, contact us through WhatsApp (text only) at (713) 227-2400.