Miami Financial Advisor Accused of Making Unsuitable Recommendation in Northstar Global Advantage Select Products
A customer of ex-Raymond James Financial Services stockbroker Alberto Valdes has filed a six-figure FINRA claim seeking damages for investment losses sustained in Northstar Financial Services (Bermuda), an off-shore entity that is now in liquidation.
Valdes, who is currently a Citigroup registered representative, was with Raymond James as both a broker and investment advisor from 2016 to 2018.
The claimant contends that Alberto Valdes recommended three Northstar Global Advantage Select products with staggered maturities that were riskier than what this investor wanted. By overconcentrating this customer’s account in Northstar (Bermuda), their investing profile was made vulnerable to huge losses.
This inexperienced investor, who trusted Raymond James and Valdes, is now alleging misrepresentations and omissions, concentration, unsuitability, and other claims. Considering that more protected, lower-risk US-based investments could have been recommended, it makes no sense why the firm and its financial advisor recommended Northstar Financial (Bermuda) products. High commissions for selling these investments may have been a likely incentive.
Investors Suffer Huge Losses in Northstar Financial Services (Bermuda)
Northstar (Bermuda) billionaire owner Greg Lindberg is now in prison for wire fraud and bribery. It is believed he took money from Northstar and other companies he owned to fund US-based special purpose vehicles that he also operated.
While it is unlikely they will recover much, if anything at all, the broker-dealers who sold Northstar’s fixed and variable-rate annuities can still be held accountable for the losses. Many Northstar (Bermuda) investors must now file their own FINRA arbitration claims if they want to pursue damages.
Our experienced investment fraud lawyers at SSEK Law Firm have been fighting tirelessly to ensure that Northstar investors recoup their losses. So far, we have filed claims against brokerage firms such as Bankoh Investment Services, Truist Investment Services, and Bancwest Investment Services.
Knowledgeable Northstar Financial Services (Bermuda) Lawyers
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents many investors in FINRA arbitration against the US-based broker-dealers. that sold them investments in Northstar’s Global Advantage Select products including:
- Global VIP Elite
- Global Advantage Plus Series
- Global Index Product
- Global Advantage Select
- Global Interest Accumulator
- PB Investment Holdings
With nearly two decades in the industry, Valdes has been a registered representative with Wells Fargo Advisors, Chase Investment Services, Investacorp Advisory Services, Banc of America Investment Services, and Northwestern Mutual Services.
If Raymond James broker Alberto Valdes or another advisor from the firm sold Northstar (Bermuda) annuities to you, call our Florida office at (813) 560-2992. Throughout the rest of the US, call (800) 259-9010 or text us via WhatsApp (713) 227-2400.