Tokyo Couple Suffers Northstar (Bermuda) Losses While Working With Bankoh Investment Services
Foreign Nationals File Six-Figure FINRA Lawsuit Against US Brokerage Firm
Shepherd Smith Edwards and Kantas, Securities Law Services (investorlawyers.com) have filed yet another Northstar Financial Services (Bermuda) investment loss claim against Bank of Hawaii affiliate Bankoh Investment Services. This time, the claimants are an older Japanese couple who are seeking up to $500K in damages.
These foreign national investors contend that the US-based broker-dealer abused their trust by allegedly overconcentrating a huge chunk of their assets in Northstar (Bermuda) without adequately disclosing the risks. While there is nothing wrong with international investors getting involved in US-based securities or offshore options, one can’t help but wonder why Bankoh invested this Tokyo couple in the unrated, unprotected Northstar Financial Services (Bermuda) when there were comparable or even better and safer choices available.
Not only that, but even as it became clear that this offshore entity was in trouble—it failed to fulfill statutory disclosures in 2018, and in 2019 owner Greg Lindberg was indicted on fraud charges—these investors were routinely assured that their investments were doing fine. Now, these claimants are accusing Bankoh of unsuitable recommendations, misrepresentations, omissions, gross lack of supervision, concentration, and more.
Since 2020, Shepherd Smith Edwards and Kantas has represented investors, including those from China, Japan, and in countries all over Latin America, in recouping the losses they have suffered in Northstar Financial Services (Bermuda) and other insurers owned by Lindberg. To date, we have filed over 100 FINRA lawsuits against US broker-dealers on their behalf.
One can only assume that the high commissions and fees they could earn from selling Northstar (Bermuda) annuities were an alleged incentive for these brokerage firms to sell this risky, offshore financial product to customers. Many of them are older and/or want a safe haven for their assets in the US. Instead, they suffered serious investor losses.
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How Can Our Savvy Annuity Loss Law Firm Help?
Already, we have conducted much discovery into why so many of our clients lost money in Northstar Financial Services (Bermuda). Unfortunately, broker misconduct and negligence played a huge part.
In late 2020, Northstar (Bermuda) filed for bankruptcy and is now in liquidation. If you are hoping that you may be able to recover your investment losses through the insurer, please think again. This offshore entity is in heavy debt. Not only that but Lindberg has long been suspected of funneling money from his insurance companies to his special-purpose vehicles. This year, he was charged with defrauding thousands of annuity holders of $2B.
When you work with us, you are retaining the securities law services of skilled Northstar Financial Services (Bermuda) attorneys who are highly knowledgeable about this investment and the kinds of broker-dealer negligence that occurred. Not only will we harness all of that discovery when investigating your own annuity losses, but you will also be joining a unit of annuity claims represented by our entire firm that will be fighting for you. We have been successfully representing US and international investors for over 30 years.
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