Ex-Raymond James Broker Sara Komischke Unsuitably Recommended Off-Shore Investment
A Maine investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against brokerage firm Raymond James Financial Services, Inc. over his Northstar Financial Services (Bermuda) investment losses.
The claimant contends that the off-shore investment was unsuitably recommended to him by Sarah Komischke, also known as Xiao Qin Komischke, while she was with Raymond James. Komischke is currently a Cetera Investment Services broker. Her LinkedIn also notes that she is with FVP Wealth Management at Cathay Bank.
After investing $250K in the off-shore investment, the claimant is now seeking up to $500K in damages for his losses. Our investment fraud law firm is representing him in his FINRA arbitration claim. The hearing will take place in Portland, Maine.
If you are an investor who suffered significant losses in Northstar Financial Services (Bermuda), call Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today at (800) 259-9010.
Investor Sought Safe Haven For His Assets, Instead Lost Six-Figures
The claimant is an inexperienced investor. He now lives in Maine but is a foreign national who sought safe haven for his assets in the United States. A then-client of the United Nations Federal Credit Union (UNFCU), he mostly invested in savings/checking accounts and bank products.
While there is nothing wrong with foreign nationals investing in annuities, one can’t help but wonder why recommend an annuity that is based off-shore in Bermuda instead of a US-based product that would have come with certain protections? Komischke never told the investor about the risks involved with Northstar products, misrepresenting it as a safe investment.
Northstar Financial Services (Bermuda) has since gone bankrupt and is undergoing liquidation proceedings. Its owner, billionaire Greg Lindberg is serving time in prison for wire fraud and bribery. He likely funneled money from the Bermuda-based entity to his other companies.
Broker Sarah Komischke Facing Unsuitability and Negligence Claims
In his FINRA arbitration case, this investor is now alleging the following:
- Misrepresentations and omissions
- Unsuitable investment recommendations
- Breach of contract
- Gross negligence
- Breach of fiduciary
He is also claiming failure to supervise by the brokerage firms, which, along with their financial advisors, earned high commissions and other fees from selling Northstar Financial Services (Bermuda) to its customers.
According to her BrokerCheck record, Sarah Komischke has worked for 13 years in the industry. Other broker-dealers where she used to be registered include Chase Investment Services, Corp., UBS Financial Services, UBS International, Merrill Lynch, Pierce, Fenner & Smith, and AXA Advisors.
Skilled Northstar Financial Services (Bermuda) Investment Fraud Law Firm
At SSEK Law Firm, we have a team of experienced attorneys that are currently going after the brokerage firms that sold Northstar Financial Services (Bermuda) products to their customers, including SunTrust’s Truist Investment Services, Unionbanc Investment Services, Hancock Whitney Investment Services, J.P. Morgan Securities, Bankoh Investment Services, Ocean Financial Services LLC and others.