Broker Linda Fang Named in Pending $2.3M Northstar Bermuda Claim

July 14, 2021 Author: Brian Levin
Man looking at financial charts

Former Cetera Registered Broker and Investment Advisor Accused of Misrepresentation in Northstar Financial Services Investment Recommendation

Levin Law, P.A. is pursuing multiple Northstar Financial Services-related claims against United States-based brokerage firms and banks. 

Former registered broker and investment advisor Ching-Yun Linda Fang has been named in a $2.3 million customer dispute involving the recommendation of a Northstar Financial Services (Bermuda) Ltd. investment. Northstar Financial Services (Bermuda) Ltd. is currently in liquidation after filing for bankruptcy in 2020. 

The investment and securities fraud law firm Levin Law, P.A. represents investors who have suffered losses after being recommended and sold unsuitable investments, including those with Northstar Financial Services (Bermuda) Ltd. Brokerage firms may be held liable through a FINRA arbitration claim for their representative’s misrepresentations, negligence, and breach of fiduciary duty as well as their own failure to supervise.

If you invested in a Northstar (Bermuda) investment and suffered substantial losses, contact Levin Law, P.A. at (305) 402-9050 or email contact@levinlawpa.com for a free case evaluation.

Northstar (Bermuda) Troubles

As our firm previously discussed, Northstar Financial Services (Bermuda) Ltd. (“Northstar”) has been embroiled in legal battles for the past two years. Northstar was acquired by Greg Lindberg-owned company Global Bankers in 2018. Lindberg currently serves over 7 years in prison on corruption charges after prosecutors alleged that he bribed a government official. 

Shortly after the billionaire’s conviction, Northstar investors began seeking to liquidate their investments, but redemption requests were not honored. As a result, the company’s deficit is believed to exceed $260 million. 

Misrepresentations, High Commissions, and Unsuitable Recommendations

The Bermuda-based company offered several fixed- and variable-rate investment plans and annuity-like insurance products. Brokerage firms throughout the United States recommended and sold Northstar offerings. 

Investors were reportedly told that the investments were safe and conservative with relatively low risk. Northstar allegedly paid large commissions and bonuses to brokers who recommended their products. 

Brokerage firms can be held responsible for a broker’s material misrepresentations, failure to disclose risks, and omissions that result in losses to an investor. In addition, a brokerage firm may be found in violation of FINRA Conduct Rule 3110 for failing to properly and adequately supervise their advisors.

Former Cetera Broker Linda Fang

According to publicly available information, Ching-Yun Linda Fang, aka Linda Fang, has been named in a pending customer dispute for allegedly misrepresenting the features of an investment product. The client is requesting damages in the amount of $2.3 million. 

Ms. Fang was employed with Cetera Investment Services LLC from March 2015 until May 2018. Prior to her employment with Cetera, she worked with a number of firms, including Unionbanc, Wells Fargo, and Merrill Lynch. She is no longer a registered broker or investment adviser.

Contact Levin Law, P.A. for a Free Consultation

If you have suffered losses as a result of investing in Northstar (Bermuda), contact Levin Law, P.A. for a free case evaluation. It is believed that brokers and financial advisors employed at brokerage firms across the country made unsuitable recommendations and material misrepresentations regarding Northstar offerings.

Attorney Brian Levin has recovered millions on behalf of harmed investors worldwide. Call (305) 402-9050 or email Mr. Levin directly at contact@levinlawpa.com to discuss your legal options. Consultations are free and confidential. Most cases are accepted on a contingency fee basis, meaning that clients are not responsible for Levin Law attorneys’ fees unless money is recovered on their behalf.

About Levin Law

Levin Law is a premier national securities, commodities, and class action law firm. Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries in excess of $100,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.