Former SunTrust Advisory Services Investment Adviser Luisa Gonzales Unsuitably Recommended Northstar Bermuda Products
A senior investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim seeking up to $500K in damages against Truist Investment Services for losses he suffered in Northstar Financial Services (Bermuda). The claimant is a retired Catholic Priest who lives in Bogota, Colombia, and was a longtime client of SunTrust Bank.
Truist Investment Services is SunTrust’s brokerage arm and is based in the United States. Ex-SunTrust Advisory Services investment adviser, Luisa Gonzales, was this investor’s financial representative.
Our Northstar Financial Services (Bermuda) fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this Latin American investor in his FINRA arbitration claim. A FINRA arbitration panel will hear his fraud case in Miami, Florida.
Elderly Claimant’s Assets Were Overconcentrated in Northstar Financial Services (Bermuda) Annuity
The claimant, who is in his seventies, had turned to the United States for a safe haven for his assets. He invested mostly in bank products, and checking and savings accounts with SunTrust. In 2016, Gonzales recommended that he invest $190K in Northstar Financial Services (Bermuda) and he suffered a six-figure loss because of this.
Northstar Financial Services (Bermuda) is no longer solvent, and the government of Bermuda has ordered that it be liquidated. For an investor seeking safety and low risk, there was simply no reason for then SunTrust Advisory Services advisor, Luisa Gonzales, to recommend one of these products, which was marketed as CD-like, to this investor let alone overconcentrating his account with it.
The Northstar Financial Services (Bermuda) product was an offshore annuity that tends to be riskier than comparable US-based annuities. The Bermuda-based product, like all products from this company, was likely paying higher commissions, bonuses/remunerations, or other incentives.
The claimant at no point was made aware that this could prove to be a risky investment and it appears that Truist Investment Services marketed all Northstar Financial Services (Bermuda) products in a similar fashion by misrepresenting the risks.
This investor tried to get out of his Northstar Financial Services (Bermuda) last year but to no avail. Now, he is alleging misrepresentations and omissions, negligence, unsuitability, breach of fiduciary duty, other breaches, failure to supervise, and the abuse, neglect, and exploitation of elderly persons and disabled adults.
Ex- SunTrust Advisory Services Investment Adviser Has Worked for 14 Firms in 19 Years
Gonzales appears to have been self-supervised. This lack of supervision by Truist Investment Services and SunTrust was simply inexcusable.
According to BrokerCheck, Luisa Gonzales is now a broker for The Leaders Group in Littleton, Colorado. She has worked for 19 years in the industry. This included time as a registered investment adviser and/or broker at over a dozen firms including:
- PNC Investments
- SunTrust Investment Services
- BB & T Investment Services
- U-Vest Financial Services Group
- Colonial Asset Management
- Colonial Brokerage
- AXA Advisors
- LPL Financial
- Citicorp Financial Services
- Salomon Smith Barney
Gonzales has three disclosures on her BrokerCheck, including a variable annuity fraud case from 2008 that was settled for $70K and two financial disclosures that have been satisfied.
Experienced Northstar Financial Services (Bermuda) Broker Fraud Law Firm
SSEK Law Firm represents investors in the US and abroad, including in Latin America who suffered financial losses because their US-based broker-dealer unsuitably recommended Northstar Financial Services (Bermuda) products to customers.
Seeing as the company’s owner, Greg Lindberg, likely misappropriated its funds and is now in prison for corruption, the only way that investors will get back their money is if they have an experienced Northstar Financial Services (Bermuda) broker fraud law firm fighting for them.
If you are residing in the United States, call SSEK Law Firm at (800) 259-9010 today. In Mexico, call toll-free (800) 283-3403. If living internationally, you can also text us via WhatsApp at 713-227-2400.