Articles Posted in Financial Firms

Customer’s FINRA Arbitration Hearing Seeking Up to $500K Will Take Place in Los Angeles

Our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have filed a FINRA arbitration claim against Cetera Investment Services. A very elderly Chinese widow who entrusted the firm to keep her money safe suffered considerable losses in PB Investment Holdings.

The claimant, who is from Shanghai, is requesting up to $500K in damages for the losses she sustained in PB Investment Holdings (formerly Beechwood), a now failed off-shore entity owned by imprisoned billionaire Greg Lindberg.

Former Georgia Financial Advisor Allegedly Ran Ponzi Scheme Through Southport Capital 

On August 20, 2021, the Securities and Exchange Commission (SEC) filed an emergency action seeking to stop a $110 million Ponzi scheme allegedly operated by ex-Oppenheimer stockbroker, John Justin Woods.  

The fraud, involving Horizon Private Equity III, LLC was run through Woods’ registered investment advisor Livingston Group Asset Management Company, (doing business as Southport Capital). On August 24, 2021, the United States District Court for the Northern District of Georgia issued a temporary restraining order and asset freeze against Woods and Horizon.

Raymond James Broker Made Unsuitable Recommendation That Led To Northstar Financial Bermuda Losses

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) will be filing yet another Financial Industry Regulatory Authority (FINRA) arbitration claim against a brokerage firm for unsuitably recommending Northstar Financial Services (Bermuda) products to a customer. 

This time, the broker-dealer that we are pursuing for damages is Raymond James Financial Services. One of the firm’s financial advisors unsuitably marketed and sold this off-shore entity’s annuities through the United Nations Federal Credit Union (UNFCU).

Financial Independence President & Ex-Dallas, Texas Financial Advisor Was Barred by FINRA 

Dana Bruce Vietor, a former CFD Investment Services registered representative is under scrutiny following multiple allegations of broker misconduct that have led to customer losses. The latest still pending claims were brought by investors seeking to collectively recover more than $3M in damages.

According to his LinkedIn, Vietor is the President of Financial Independence Corp. in Dallas, Texas. He also is a manager of SRS Management, LLC. 

Similar Determination Made in Wind Up Proceedings for Old Mutual (Bermuda) 

Bermuda’s Chief Justice Narinder Hargun and Joint Provisional Liquidators (JPLs) are in agreement that representatives will be appointed for every creditor class in the liquidation proceedings for both Northstar Financial Services (Bermuda), Ltd. and Omnia, Ltd., which was formerly Old Mutual (Bermuda)

The Supreme Court of Bermuda also provided direction to the JPLs, after the latter determined that issues related to the assessment of asset segregation among the different kinds of investors could impact how much they all stood to recover. 

Civil Lawsuit is Latest Legal Trouble For Convicted Businessman, Greg Lindberg

Greg Lindberg, the owner of Northstar Financial Services (Bermuda), is the defendant in a lawsuit in which the plaintiff is demanding that he pay $524M to honor an agreement between two insurers. These insurers are PB Life and Annuity Company, and Universal  Life Insurance Company (ULICO), which is a Puerto Rico entity. 

This is the latest legal woe to hit Lindberg, who is serving time in prison for wire fraud, bribery, and conspiracy to commit honest services fraud. The Durham, North Carolina resident is the founder of Eli Global, LLC and Global Bankers Insurance Group, which acquired:

Northstar Bermuda Hearing Will Take Place in San Francisco, California

Two claimants from Tokyo, Japan are pursuing up to $500K in damages from UnionBanc Investment Services, LLC. The investors, who are related, contend that their UnionBanc broker overconcentrated all of their assets in Northstar Financial Services (Bermuda) and caused them significant six-figure investment losses.

Our investor fraud attorneys are representing these Japanese investors in their FINRA arbitration claim. A panel of three arbitrators will hear their case in San Francisco, California. 

FINRA Barred New York Financial Advisor Following Unsuitability & Churning Allegations

If you have suffered investment losses while working with ex-Worden Capital Management broker Christ Elias Baltas, you may be able to pursue damages by filing a Financial Industry Regulatory Authority (FINRA) arbitration claim. 

Baltas, who was based out of Melville, New York, is currently named in two pending customer disputes in which the claimants are seeking more than $614K in damage. FINRA barred him in 2020.  

Customers of San Francisco Financial Advisor Seek More Than $62 Million in Damages 

Our broker misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are continuing to investigate claims of losses involving ex-J.P. Morgan Securities stockbroker, Edward L. Turley. 

Although Turley’s BrokerCheck record notes that he is still registered with the brokerage firm, reports indicate that the San Francisco-based financial advisor is no longer with J.P. Morgan. AdvisorHub reports that according to sources, he either left the broker-dealer or was fired.

$400K UBS YES FINRA Arbitration Awarded to Investors in Baltimore, Maryland  

In one of the first in-person arbitration in the last 18 months, a Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded two investors $405K in their UBS Yield Enhancement Strategy claim against UBS Financial (UBS).  

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represented these UBS YES strategy investors in their FINRA arbitration case, which was heard in Baltimore, Maryland. 

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