The Royal Gazette Interviews Japanese Investor Who Suffered Northstar Financial Services (Bermuda) Losses

Couple Invested More Than $200K at Recommendation of Bankoh Investment Services Broker

A Japanese investor and her securities attorney were interviewed by The Royal Gazette about the losses she and her husband suffered from investing in Northstar Financial Services (Bermuda). This is a now-defunct offshore entity that is currently in liquidation proceedings. 

The investors, Rikan Nishiyama and her husband are both elderly retirees. They invested $200K in Northstar (Bermuda) at the recommendation of Bankoh Investment Services financial advisor Yoko Farias. Bankoh Investment Services is a Bank of Hawaii subsidiary. 

Our Northstar Financial Services (Bermuda) investment lawyers are representing the Nishiyamas in their Financial Industry Regulatory Authority (FINRA) arbitration claim against Bankoh Investment Services to pursue damages for the losses they suffered.

Shepherd Smith Edwards and Kantas (SSEK Law Firm) Senior Partner and Attorney Kirk Smith took part in The Royal Gazette interview with Mrs. Nishiyima, who was accompanied by a translator. 

If you too lost money in Northstar (Bermuda), contact us at SSEK Law Firm today.

Investors Were Blindsided By Losses 

Mrs. Nishiyama and her husband filed their FINRA arbitration claim against Bankoh Investment Services earlier this year. She contends that they were blindsided to discover that they may have lost all of their investment in Northstar (Bermuda). Especially as their Bankoh broker had told them, both verbally and through literature presented, that their funds would be kept safe.

Instead, Northstar Financial Services (Bermuda) filed for bankruptcy protection in late 2020 and went into liquidation proceedings in early 2021. 

Not only that but the Japanese couple were dismayed to find out that Bankoh Investment Services had neglected to tell them that the company’s owner, Greg Lindberg was indicted in 2019 and then convicted of wire fraud and bribery in 2020.

The Bank of Hawaii seemed surprised to learn about these developments. Year after year, their Bankoh financial advisor continued to renew these investors’ contract with Northstar (Bermuda) rather than getting them out and moving their funds into a safer investment. 

Bankoh Investment Services Should Have Known About Risks Involving Northstar (Bermuda) 

While the Nishiyamas are still hoping to recover some of their investment through the liquidation proceedings, a full recovery through this avenue is unlikely especially as Lindberg is suspected to have funneled funds from Northstar Financial Services (Bermuda) to other entities.

The company has also reported a $260M deficit. This is why the couple has chosen to file a FINRA arbitration claim against Bankoh. They understand that going after the brokerage firm is their best chance of maximizing their financial recovery. 

Bankoh Investment Service not only sold a Northstar Financial Services (Bermuda) short-term annuity to these two investors but also gave them poor investment advice and didn’t fully apprise them of the risks.  Bankoh failed to properly supervise the couple’s account and the activities of its broker. 

Whether or not Bankoh Investment Services was aware of the risks, especially in light of Lindberg’s indictment and subsequent conviction, they should have known because it was their job to know. Unfortunately, the lure of high commissions may have compelled the couple’s Bankoh broker to unsuitably recommend Northstar (Bermuda) to them as well as others.

Mrs. Nishiyama said that the financial harm they’ve suffered because their Bankoh Investment Services broker recommended Northstar Financial Services (Bermuda) has taken a toll on both her health and the health of her husband. 

Read the full article here: https://www.royalgazette.com/business/article/20211203/investors-sue-over-northstar-failure/

Experienced Northstar Financial Services (Bermuda) Lawyers

SSEK Law Firm is representing dozens of investors from around the world in FINRA arbitration against the US-brokerage firms that unsuitably recommended and sold them Northstar (Bermuda) investment products, such as:

  • Global Interest Accumulator
  • Global VIP Elite
  • Global Advantage Select
  • Global Index Product
  • Global Advantage Plus Series
  • PB Investment Holdings 

In the US, call (800) 259-9010 today. Internationally, get in touch with us through WhatsApp (text only): 713-227-2400. 

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