Former California Registered Representative is Named in Pending $2.3M Northstar Bermuda Claim
Ching-Yun Linda Fang, also known as Linda Fang, is an ex-Cetera Investment Services stockbroker and investment advisor who may have unsuitably recommended to customers that they invest in Northstar Financial Services (Bermuda) investment products. The Bermuda-based company, which is no longer solvent, filed for bankruptcy protection last year and now must liquidate.
Our investment fraud lawyers are investigating customer claims of losses involving Linda Fang or any other Cetera Investment Services financial advisor. You may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover damages.
Fang May Have Misrepresented Northstar (Bermuda) Products
Linda Fang has been accused of touting Northstar Financial Services (Bermuda) investments, which included variable-rate annuities and fixed-rate annuities, as safe for conservative investors. Yet, investor redemptions were suspended last year, and the company’s owner Greg Lindberg is behind bars for corruption.
Given the firm’s financial state —it was already estimated to have an over $265M deficit late last year — it is unlikely that Northstar Financial Services (Bermuda) will ever be able to fully pay fixed-rate contract holders.
Now, many Northstar Financial Services (Bermuda) customers are claiming that these investments were not suitable recommendations for them given their respective investing profiles and that they were never fully apprised of the risks. Also, why were US-based brokerage firms and their financial advisors recommending Bermuda-based products that didn’t come with the same protections as similar products found in the United States?
The tax benefits offered in Bermuda may have been one reason. However, Northstar Financial Services (Bermuda) also was known for paying bonuses, higher commissions, and remunerations to brokers, all of which were added incentives that had nothing to do with whether these investments were in many customer’s best interests.
Linda Fang is no longer registered as a broker or investment advisor. According to BrokerCheck, this would not be the first time that she has been accused of misrepresenting a product to a customer. An investor claim from December 2019, in which the claimant is seeking $2.3M, also is alleging misrepresentations.
During the former Cetera broker’s 20 years in the industry, Fang was previously registered at other brokerage firms, including:
- BancWest Investment Services
- HSBC Securities
- Etech Securities
- Unionbanc Investment Services
- Wells Fargo Investments
- Banc of America Investment Services
- BA Investment Services
- Essex National Securities
- First Interstate Investments
- Merrill, Lynch, Pierce, Fenner and Smith
Seasoned Northstar Financial Services (Bermuda) Investor Lawyers
Already, SSEK Law Firm is pursuing FINRA arbitration claims against brokerage firms whose financial advisers marketed and sold Northstar (Bermuda) investments to customers, including the following:
- A $500K claim against Truist Investment Services
- A $500K fraud case against J.P. Morgan Securities
- A $5M investor dispute against Hancock Whitney Investment Services
The claimants include investors based in the US and abroad. Contact us today. If you live abroad, you can text our Northstar Financial Services (Bermuda) fraud attorneys through WhatsApp at (713) 227-2400. From Mexico call toll-free at (800) 283-3403.