Japanese Investors File Multimillion-Dollar Northstar (Bermuda) Lawsuit Against Bankoh Investment Services
Broker Yoko Farias Is Also A Respondent In This Investment Loss Recovery Claim
Once again, Shepherd Smith Edwards and Kantas Northstar Bermuda Fraud Attorneys (investorlawyers.com) are suing Bankoh Investment Services and its former stockbroker, Yoko Farias, in Hawaii on behalf of Japanese investors who sustained losses in Northstar Financial Services (Bermuda). In their FINRA arbitration case, the claimants are seeking up to $5,000,000 in damages.
The three investors are from the same family. They set up accounts with Bank of Hawaii, which was how they met Farias. We believe that Bankoh Investment and Faris abused these claimants’ trust by overconcentrating a huge portion of their assets in Northstar (Bermuda). This offshore entity is now defunct. The due diligence conducted by Bankoh appears to have been negligent.
These Japanese investors wanted safety and stability for their funds in the United States. There is no reason that Bankoh and its then-broker couldn’t have offered comparable investments that had the same features as Northstar Financial Services (Bermuda) while offering the benefits and protections of US-based securities.
There were also other offshore options that were better rated than these Northstar (Bermuda) investments that the respondents could have recommended instead.
When various negative facts came to light about the company, including a bankruptcy filing, criminal charges against owner Greg Lindberg, the failure to meet statutory disclosures, and more, the broker-dealer did not notify these investors. Our clients were promised safe returns with a minimal amount of risk. Instead, they have gone on to suffer significant portfolio losses.
U.S. brokerage firms and their registered representatives earned high commissions for selling Northstar (Bermuda) annuities. This may have been a strong motivation for unsuitably marketing and selling them to foreign nationals from Japan, China, countries throughout Latin America, and Spain.
In their FINRA lawsuit, our clients are alleging unsuitability, misrepresentations and omissions, undue concentration, gross lack of supervision, and more. As for Yoko Farias, she is now a Cetera Investment Services financial advisor in Hawaii. Other former customers of hers have also sought Northstar (Bermuda)-related damages from her time as a Bankoh broker.
How Can Our Northstar Bermuda Fraud Attorneys Help?
Shepherd Smith Edwards and Kantas Northstar Bermuda Fraud Attorneys have filed more than 100 FINRA lawsuits against broker-dealers on behalf of investors who bought annuities from a Greg Lindberg-owned entity. He has pleaded guilty to defrauding annuity investors of more than $2 billion.
By retaining us, you would be working with seasoned Northstar (Bermuda) loss lawyers who are highly knowledgeable about how this offshore investment failed and why brokerage firms should be held liable. We are representing quite a number of international investors against Bankoh.
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