Investors Pursue Six-Figure Northstar Financial Services (Bermuda) Claim Against Raymond James & Copper Financial Who Were UNFCU Clients

Northstar Bermuda Claimants Seek Up To $500K in Damages For Their Losses

Three investors have filed a FINRA arbitration claim against Raymond James Financial Services and Copper Financial (also known as Community America Financial Solutions, LLC). These investors suffered losses in Northstar Financial Services (Bermuda) products.

The claimants, who are foreign nationals that worked for the United Nations based in the United States, are requesting up to $500K in damages. They had traditional bank accounts with the United Nations Federal Credit Union “UNFCU”.  Raymond James and Cooper had offices within the UNFCU branch.

They met their financial advisors through the United Nations Federal Credit Union (UNFCU) where they banked. Now, these investors are alleging:

  • Unsuitability
  • Misrepresentations and omissions
  • Gross lack of supervision
  • Overconcentration
  • Negligence, and other claims

Shepherd Smith Edwards and Kantas (SSEK Law Firm at is representing these Northstar (Bermuda) investors in FINRA arbitration The hearing will take place in New York. 

Investors Sought Safety, Instead Bought Unsuitable & Risky Offshore Products

Two of the claimants are a married couple. They did not want to take on unnecessary risks. Despite knowing this, their Raymond James broker recommended that they invest in Northstar Financial Services (Bermuda) – an obscure, offshore entity.

The third claimant also worked with a Raymond James broker. At first, she thought that he worked for UNFCU because the registered representative did not disclose that he was with the broker-dealer. Like the other two investors, this claimant wanted to keep the risks to her money to be as low as possible. 

Yet, her financial advisor recommended that she invest in Northstar (Bermuda) and encouraged her to buy even more of this investment.  

Even though these off-shore products were risky and unsuitable for them given their investing profile, all three investors were promised an outcome of returns with minimal risk to principal. Meanwhile, their Raymond James brokers continued to reassure them these investment products were safe for them.

Criminal Charges & Bankruptcy Expose Risks Involving Northstar Financial Services (Bermuda)

Northstar Financial Services (Bermuda) owner Greg Lindberg was indicted and later convicted of wire fraud and bribery. He has a reputation for using his annuity and insurance companies to funnel money to other entities that he operates. This is very likely what he did with Northstar (Bermuda).

With an over $260M deficit and $8M in assets by September 2020, the company would file for bankruptcy protection soon after.

High Commissions Are An Incentive for Brokers to Sell Risky Products

Why would these Raymond James brokers recommend these offshore investments to investors who were looking for a haven for their assets? There were more secure, US-based securities available with the kinds of protections that they needed. Likely, the high commissions and fees that these products paid brokers and their firms were the main incentives. 

Raymond James and its brokers have benefitted from selling Northstar Financial Services (Bermuda). They marketed $45M of these annuities to UNFCU clients alone.

Even after it became obvious that Northstar Financial Services (Bermuda) was in trouble, the advisors of record, Simon Kelvern Chen and Yanchu Zhao, both licensed with UNFCU Advisors and Copper Financial (fka Community America Financial) did not notify these customers about these issues. By the time these investors tried to get their money back when their contracts had expired, it was too late and their funds were frozen.

This FINRA arbitration claim is a suitability case involving clear concentration issues. Not only was Northstar Financial Services (Bermuda) misrepresented to these investors, but also, the two broker-dealers failed to supervise their accounts and were negligent in their obligations to them.

Seasoned Investment Fraud Attorneys

SSEK Law Firm is representing dozens of Northstar (Bermuda) investors in FINRA arbitration claims against the broker-dealers responsible. We have the knowledge, skills, experience, and resources to fight for our client’s financial recovery related to Northstar Financial Services (Bermuda) products, including:

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

To schedule your free, no-obligation case consultation, call one of our savvy Northstar Financial Services (Bermuda) lawyers at (800) 259-9010 today. Internationally, reach us (by text only) through WhatsApp at (713) 227-2400.

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