Northstar Financial Services (Bermuda) Investor Sues Cetera For Up to $5M. Our Northstar Bermuda Loss Attorneys Are Representing This Chinese Investor in The US
A retiree who resides in China is suing Cetera Investment Services for losses she sustained in Northstar Financial (Services) Bermuda, which, she alleges, the US broker-dealer unsuitably recommended to her. In her FINRA arbitration claim, this investor is seeking up to $5M in damages. Shepherd Smith Edwards and Kantas Northstar Bermuda Loss Attorneys (investorlawyers.com) are representing this claimant.
This senior retiree thought it would be wise to place the family’s assets in the US for safekeeping to avoid the financial risks and fluctuations that are common in China. She opened an account with East West Bank, which is how she met Cetera broker Jason Chi-Jui Chiu, who spoke her native language. Chiu has worked in the industry for 23 years.
In her FINRA lawsuit, this investor is accusing Cetera of abusing her trust by investing a large portion of her assets Northstar Financial Services (Bermuda). This offshore investment is now defunct and was never low-risk.
Northstar Bermuda Preguntas Frecuentes
We believe that the due diligence on this investment was negligent and the recommendation totally unsuitable, especially when there were other US and offshore investing options that were better rated, more protected, and not as risky.
Not only that, but the claimant was never fully apprised of the fact that Northstar (Bermuda) was unrated, did not fulfill statutory disclosures in 2018, or that the owner, Greg Lindberg, was accused and convicted of fraud. Instead, she was promised safe returns and minimal risk with principal protection guaranteed.
Even as this investor sustained serious losses, Cetera and its brokers earned generous commissions. Our client is alleging excessive concentration, negligence, unsuitability, misrepresentations and omissions, breach of fiduciary duty, failure to supervise, violation of California elder abuse statutes, and more.
Trusted Northstar Bermuda Loss Attorneys
Shepherd Smith Edwards and Kantas Northstar Bermuda Loss Attorneys are representing over a hundred investors in their annuity loss cases involving a Lindberg-owned insurance or annuity company. This includes US investors, as well as investors from China, Japan, and countries in Europe and all over Latin America.
We are suing many broker-dealers who took advantage of foreign nationals who were seeking a safe haven for their assets. Instead, Cetera and other firms allegedly unsuitably recommended Northstar (Bermuda) to them.
If you are a Northstar Financial Services (Bermuda) investor, contact us today or call our Northstar Bermuda Loss Attorneys at (800) 259-9010. International via WhatsApp (text only): (713) 227-2400.