Unfortunately, Northstar has collapsed and is undergoing liquidation (similar to bankruptcy) proceedings in Bermuda, where it is expected that investors will suffer heavy losses.
Brokers and financial advisers are obligated to conduct due diligence and monitor the investments they recommend, to ensure that the investments they recommend are appropriate for their customers, and to diversify their customers’ portfolios to at least minimize the risks of products like Northstar.
Silver Law Group has filed arbitration claims on behalf of Northstar investors against selling broker-dealers such as SunTrust (now Truist), Ocean Financial Services, and Cetera Investment Services for the improper sale of Northstar Financial Services (Bermuda). Silver Law Group has helped its clients recover and continues to litigate other cases.
What Is The Current Status Of Northstar Financial Services (Bermuda)?
Northstar is currently undergoing a Joint Provision Liquidation, similar to a bankruptcy proceding. 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.
Contact Silver Law Group To See If You Have A Claim For Recovery Against The Broker That Sold You Northstar
Silver Law Group represents and has filed arbitration claims 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
Silver Law Group continues to investigate and file securities arbitration claims against the brokerage firms and financial advisors that sold these products. Silver Law Group’s clients 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.
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.