Northstar (Bermuda) Investor is Seeking Up to $500K in Damages
An investor in Nagoya, Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Bancwest Investment Services after she suffered six-figure losses in Northstar Financial Services (Bermuda).
The claimant, who is an inexperienced investor, was referred to her Bancwest Investment Services broker by Bank of the West, which was her bank at the time. Now, she is requesting up to $500K in damages.
Our Northstar Financial Services (Bermuda) investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this Japanese investor in her FINRA arbitration claim. A panel of arbitrators in Los Angeles, California will be presiding over her securities fraud case.
Bancwest Investment Services is just one of many brokerage firms that we are pursuing damages from on behalf of investors who were unsuitably recommended and sold Northstar Financial Services (Bermuda) fixed- and variable-rate annuity and investment products. This offshore entity is now in liquidation proceedings after filing for bankruptcy.
SSEK Law Firm is representing investors of Northstar Financial Services (Bermuda) products in the United States and internationally.
Unsuitability, Gross Lack of Supervision
This claimant contends that her Bancwest Investment Services broker, who spoke Japanese, advised that she invest her funds in Northstar investment products rather than keeping her money in savings and checking accounts.
This financial advisor told her this product was so safe, with minimal risks, that it was even suitable for retirees. Instead, this off-shore entity likely now has an over $260M deficit and toward the end of last year was only able to report $8M in assets.
Its owner, Greg Lindberg, is in prison for wire fraud and bribery. He very likely funneled Northstar Financial Services (Bermuda)’s money into his other entities. Now, this Japanese investor has lost a significant amount of money.
Quite frankly, there is no reason that the Bancwest Investment Services broker should have recommended these products to this customer when there were comparable, more secure US-based investments available to someone who was looking for stability and a safe haven for her money.
Unfortunately, the lure of commissions, bonuses, and other remuneration for selling this off-shore entity’s products made them attractive to many brokerage firms. Had there been proper supervision, there is no way that these trades for this customer would have been approved. Instead, a failure to supervise seems to have occurred.
Northstar Financial Services (Bermuda) Investments Sold By US-Based Broker to Investors
Below, is a list of the Northstar Financial investment products and the variable annuities being sold by various US-based brokers to investors both nationally and internationally.
- Global VIP Elite
- Global Advantage Plus Series
- Global Index Product
- Global Advantage Select
- Global Interest Accumulator
Knowledgeable Northstar Financial Services (Bermuda) Fraud Attorneys
Although there is nothing wrong with selling off-shore products to investors both in the US and abroad, Northstar Financial (Bermuda) products have proven to be an unsafe and risky investment for investors that trusted their brokers’ recommendations. At this point, your best chance for financial recovery is to retain the legal services of seasoned FINRA arbitration lawyers.
To speak with SSEK Law Firm about your Northstar Financial Services (Bermuda) losses, and so that we can help you determine whether you have grounds for a FINRA arbitration case against your broker-dealer, call (800) 259-9010. Internationally, you can text us via WhatsApp at (713) 227-2400.