Can Latin American Investors Pursue Northstar Financial Services (Bermuda) Investment Losses?
If you are an investor from Latin America, Central America, or South America who was recommended and sold Northstar Financial Services (Bermuda) products by a US-based brokerage firm, you should speak with our variable annuity investment fraud lawyers right away. Unfortunately, it appears that despite looking to the United States for a safe haven for their assets, many foreign nationals were unsuitably sold Northstar (Bermuda) fixed- and variable annuity products from this offshore entity by US-based financial advisors. If you fall into any of the above categories, you may need to contact a FINRA lawsuit attorney.
One can only assume that the high commissions and fees earned by broker-dealers for selling Northstar Financial Services (Bermuda) investments purportedly took greater precedence over looking out for these customers’ best interests. Many of the victims are retail investors and older investors, including retirees, who have now suffered losses in the six figures.
Over the last two years, Shepherd Smith Edwards and Kantas (investorlawyers.com) have filed dozens of Financial Industry Regulatory Authority (FINRA) arbitration claims against the many broker-dealers that marketed and sold Northstar (Bermuda) investments to customers. If you have been wondering whether you should explore your legal options, know that it is not too late.
Venezuelan Citizens File Six-Figure Northstar (Bermuda) FINRA Lawsuit Arbitration Claim Against Infinex
The most recent FINRA lawsuit that we have filed is on behalf of two Venezuelan nationals who were unsuitably recommended Northstar Financial Services (Bermuda) by Infinex Investments broker Eric Garcia out of Coral Gables, Florida. The claimants entrusted Infinex with their life savings yet the broker-dealer allegedly abused their good faith by recommending products from this obscure, offshore entity.
Northstar (Bermuda) investments did not come with the same protections provided by US-based products. In fact, they were extremely risky. Yet their Infinex broker purportedly concentrated their funds in a Northstar Financial Services (Bermuda) annuity-like product, which he allegedly misrepresented as safe, and in which his former clients have now suffered significant financial losses.
Now, with the help of our seasoned investment fraud lawyers, these Venezuelan investors are seeking to recover up to $500K in damages from Infinex for alleged broker negligence.
What Role Did Broker-Dealer Negligence Play In Northstar (Bermuda) Investor Losses?
There is no reason why US-based brokers should have marketed and sold Northstar Financial Services (Bermuda) investments to customers who had clearly sought safety and stability for their money. The fact that so many of them did this is broker negligence.
- As far back as 2011, Moody’s had already given a highly negative outlook to Bermuda as a place for investing.
- Also, Northstar (Bermuda)’s portfolio of holdings, to which all US-based broker-dealers had access, noted that 26% of its holdings were made up of DTH, a single alternative (non-public) investment that holds oil and gas interests. These products were only ever suitable for experienced investors who wanted and could handle volatility and risk.
- In late 2020, Northstar Financial Services (Bermuda) filed for bankruptcy protection and it is currently in liquidation. Meanwhile, now-imprisoned owner Greg Lindberg likely funneled funds from this company to other entities he owns, which means it is unlikely that investors will not recover much if anything from those proceedings. (Although Lindberg wasn’t convicted of bribery and conspiracy to commit wire fraud until 2020, by late 2018, just months after his Global Bankers took over Northstar Financial Services (Bermuda), the US Department of Justice had already launched an investigation.)
Why Should You Pursue Your Northstar (Bermuda) Losses in FINRA Arbitration?
This is not the type of investor loss claim that you want to pursue without seasoned US-based brokerage firm arbitration attorneys fighting for you. Shepherd Smith Edwards and Kantas represent foreign nationals living abroad or in the US in holding their broker-dealers accountable and liable for the harm they have caused. The way to do this is to file your Northstar (Bermuda) claim in FINRA arbitration.
Our variable annuity investment fraud attorneys are highly familiar with the FINRA arbitration system. Should we agree to work together, not only will we provide direction and legal advice to you, but also we will argue your Northstar Financial Service (Bermuda) investor loss claim before a panel of arbitrators as we pursue damages from your brokerage firm.
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