Securities Arbitration Lawyers BlogNorthstar Financial Services (Bermuda) Investment Losses
Silver Law Group represents and has filed arbitration claims against financial advisors on behalf of investors who purchased investments issued by Northstar Financial Services (Bermuda) Ltd. These products include, but are not limited to:
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Advantage Select
- Global VIP Elite
- Global Index Product
These investments are the subject of a Joint Provisional Liquidation (similar to bankruptcy) in Bermuda, which will likely result in investors losing a substantial portion of their investment.
Silver Law Group represents Northstar investors and continues to investigate and file securities arbitration claims against the brokerage firms and financial advisors that sold these products. Among other things, these firms are obligated to conduct due diligence and monitor the investments they recommend, to ensure that Northstar was appropriate for each investor’s specific financial situation and needs, and to diversify investors’ portfolios so as not to subject them to outsized risk in one offshore, risky investment product such as Northstar Financial Services (Bermuda) Ltd.
Northstar Undergoing Joint Provisional Liquidation
Following Northstar’s collapse, investors have experienced suspension of their monthly interest, illiquidity of the investment (inability to sell the investment and/or liquidate for cash), and inability to surrender the Northstar policies back to the company, even at a discount.
Northstar’s collapse was likely attributable to the company’s 2018 sale to now-convicted fraudster Greg Lindberg. As details about Lindberg’s financial dealings came to light, issues with Northstar also became apparent, and Northstar plunged into liquidation proceedings in Bermuda.
Unfortunately, the Bermuda liquidation proceedings are only likely to return a small percentage of investors’ funds back, resulting in massive losses for investors.
If you invested in Northstar, you may have a viable claim against the broker who sold it to you.
Northstar Financial Services (Bermuda) Ltd. investments were sold by many financial advisors and brokerage firms to investors based outside the United States. Among other firms, brokers at SunTrust Investment Services, Ocean Financial Services, Bankoh Investment Services, and Cetera Investment Services sold Northstar products.
Silver Law Group’s client s have alleged that their brokers were pitching Northstar investments as conservative investments that were similar to bank certificates of deposit (CDs). The allegations include promises of guaranteed monthly interest and no risk of principal loss.
Have You Lost Money Due To A Northstar Financial Services (Bermuda) Investment?
If you invested in in one of Northstar’s products, contact Silver Law Group for a confidential consultation. Silver Law Group represents investors in securities and investment fraud cases worldwide to help recover investment losses due to fraud, Ponzi schemes, and other financial misconduct. We work on a contingency fee basis, meaning you won’t pay us any legal fees unless we are successful. Call us toll free at (800) 975-4345 or email ssilver@silverlaw.com to get in touch.