NEW YORK, Sept. 21, 2021 /PRNewswire/ -- Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) will be filing yet another FINRA arbitration claim against a brokerage firm for unsuitably recommending Northstar Financial Services (Bermuda) products to a customer.
This time, the broker-dealer that we are pursuing for damages is Raymond James Financial Services. One of the firm's financial advisors unsuitably marketed and sold this off-shore entity's annuities through the United Nations Federal Credit Union (UNFCU).
UNFCU is an American credit union. Its members include United Nations employees, consultants, retirees, and their family members. Our client, who is a foreign national and a UNFCU member, entrusted Raymond James to help properly invest and protect their funds.
To be clear, there is usually nothing wrong with recommending off-shore annuities to investors. However, for investors looking for stability, Northstar (Bermuda) annuities were too risky from the start. Some customers even had their brokerage accounts overconcentrated with these products.
Now, Northstar (Bermuda) is in liquidation after filing for bankruptcy. Its owner, billionaire Greg Lindberg, is behind bars for committing wire fraud and bribery.
SSEK Law Firm is already pursuing many FINRA arbitration claims against the broker-dealers that sold Northstar (Bermuda) products; Bankoh Investment Services and SunTrust Investment Services are just two of these firms. A number of our clients are foreign nationals who live in Central America, South America, and Asia. They had looked to the United States as a safe haven for their funds.
Instead, what they've experienced is huge losses, even as the brokerage firms who sold Northstar (Bermuda) investment products earned high commissions, fees, and other incentives from these sales.
Even after Lindberg was indicted in 2019, many brokerage firms continued to sell Northstar Financial (Bermuda) investments. These included Global VIP Elite, Global Index Product, Global Advantage Plus Series, Global Interest Accumulator, and Global Advantage Select.
If you were sold Northstar (Bermuda) investments by a Raymond James broker, or any other financial advisor, contact us today. Our lawyers offer a free, no-obligation case consultation.
Kirk Smith: Ksmith@sseklaw.com
US Toll Free: (800) 259-9010
International via WhatsApp – Text Only: (713) 227-2400
Our FAQs on Northstar (Bermuda) below:
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SOURCE Shepherd Smith Edwards & Kantas LLP