Chinese Retiree Pursues Up To $500K From Cetera Over PB Investment Holdings Losses

Retiree Suffers Significant Losses in PB Investment Holdings on Recommendation of Cetera Financial Advisor 

A Chinese national has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim over losses she suffered after a Cetera Investment Services advisor unsuitably recommended and sold a PB Investment Holdings annuity to her. 

The Bermuda-based off-shore investment (affiliated with Northstar Bermuda) was touted as safe and low risk. That entity is in liquidation and has caused this claimant, who is a retiree, significant losses. She is now seeking six figures in damages from Cetera Financial.

Our securities lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at are representing this investor in her FINRA arbitration case to recover damages. A FINRA arbitrator will hear the securities case in Los Angeles, California. 

This is just one of a number of investor claims involving Northstar entities in which we are fighting for clients’ financial recovery. If you are a customer who suffered losses because your Cetera broker unsuitably recommended sold PB Investment, Northstar, or another security to you, call SSEK Law Firm at (800) 259-9010 today. 

Investor Sought Safe Haven For Money: Suffered Losses in PB Investment 

The claimant, who lives in Hong Kong, has had an account in the US with East West Bank for some time now. The bank, which offers customers investment services through Cetera, introduced her to a registered representative at that brokerage firm. 

This financial advisor went on to recommend PB Investment Holdings, which was previously known as Beechwood, even when there were safer, comparable, and more protected US-based products available. 

This Cetera Financial broker claimed that PB Investment Holdings was extremely safe and could provide the investor with the returns and low risk that she sought. Instead,  PB Investment Holdings was purchased by Global Banks in 2017 and ended up being owned by billionaire Greg Lindberg who is now serving time in prison

Lindberg also acquired Northstar Financial Services which has been named in numerous FINRA arbitration claims. SSEK Law Firm is representing many of these Northstar investors in recovering the damages they sustained from investing in that company’s products. Unfortunately, Lindberg is known for having funneled funds from his off-shore companies to the US-based special-purposes vehicles that he operated. 

High Commissions Were Prioritized Over Client’s Best Interests

Our investment fraud lawyers at SSEK Law Firm can only surmise that the lure of high commissions and other financial incentives are what compelled Cetera and its broker to recommend this off-shore product to this claimant. Not only that, but each year, when the retiree’s account and product were reviewed, the brokerage firm and its financial advisor had the opportunity to rectify their gross mistake by removing her from PB Investment. Instead, they chose to keep her money invested in this annuity. 

Also, the lack of supervision of this customer’s account was simply inexcusable. Now, this claimant is alleging unsuitability, overconcentration, failure to supervise, misrepresentations, omissions, negligence, breach of fiduciary duties, and securities fraud. 

Knowledgeable PB Investment Holdings Lawyers 

SSEK Law Firm represents international and United States investors in their PB Investment Holdings and Northstar claims. We are pursuing a number of firms over our clients’ losses. Call (800) 259-9010 today. for a free, no obligation consultation of your case.

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