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Spanish Citizen Sues Osaic Institutions (FKA Infinex Investments) Over Northstar (Bermuda) Losses. Our Northstar Bermuda Fraud Attorneys Are Representing This Claimant in Their Six-Figure Lawsuit
A Spanish retiree is seeking up to $500K in damages from Osaic Institutions (FKA Infinex Investments) for losses he sustained in Northstar Financial Services (Bermuda). Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing this international investor in FINRA arbitration.
The claimant, who lives in Spain, had an account with Grove Bank & Trust (Formerly known as Coconut Grove Bank) in Florida. This investor was introduced to his then-Infinex Investments broker Alvaro Mauricio Jiron, through the bank. Our client contends that Jiron indicated there was a better way to manage his life savings than to keep them in bank CDs.
Our Northstar Bermuda Fraud Attorneys believe that is when Osaic Institutions (Infinex Investments) abused our client’s trust and essentially overconcentrated a large portion of his assets in this now defunct, offshore investment.
While there are no prohibitions against foreign nationals investing in US securities, it is questionable whether this type of investment should be recommended to an investor seeking the safety and stability of the US. In fact, this could even be called an unsuitable investment recommendation.
Even when various negative facts came to light about Northstar Financial Services (Bermuda) —information this investor was not in a position to know, but that the respondent either knew or should have known about—at no time was our client informed about these issues.
Not only that, but this Spanish investor was routinely assured that all was well with his investment and no changes needed to be made. He was told that this new investment was CD-like and his principal would be guaranteed.
One can only wonder whether the excess commissions that this Osaic (Infinex) broker stood to earn for recommending an offshore annuity-like product, when there were safer, better-protected, comparable investments out there, was the impetus for what appears to have been a disregard of this elderly retiree’s best interests.
In his Northstar (Bermuda) loss recovery claim, filed in FINRA arbitration, our client is alleging unsuitability, misrepresentations and omissions, gross lack of supervision, and more. He is seeking the full recovery of his losses.
Alvarado Jiron is now an LPL Financial Services broker in Coral Gables, Florida.
Northstar Bermuda Investors Have Suffered Massive Losses
Northstar (Bermuda) filed for bankruptcy protection in 2020. Its owner, Greg Lindberg, is awaiting sentencing after pleading guilty to defrauding annuity investors of $2B. It was US brokers who marketed and sold this offshore entity to foreign nationals, many of whom wanted a stable financial environment for their assets.
Instead, investors from China, Japan, Spain, and all over Latin America have sustained significant losses. Many of these international investors entrusted their savings to these US broker-dealers.
Northstar Bermuda Preguntas Frecuentes
Shepherd Smith Edwards and Kantas Northstar Bermuda Fraud Attorneys are representing many of these investors in pursuing the damages they are owed by these brokerage firms.
You want to work with knowledgeable Northstar (Bermuda) attorneys who know how to maximize your chances for a full recovery. We have been fighting for investors—both US investors and investors residing abroad or who are citizens of another country—for decades. More than 90% of our clients have secured full or partial financial recovery.
Explore Your Legal Options With One Of Our Northstar Bermuda Fraud Attorneys:
Call (800) 259-9010 or fill out this contact form to schedule your free, first consultation.
International via WhatsApp: 713-227-2400 (text only)