Levin Law, P.A. Investigates SunTrust and other Banks that Recommended and Sold Northstar Financial Services (Bermuda) Ltd Investments

January 5, 2021 Author: Brian Levin

Northstar Investors May Be Able to Recover Their Losses Through FINRA Arbitration

National securities and investment fraud law firm Levin Law, P.A. (“Levin Law”) is investigating brokerage firms that recommended and sold Northstar Financial Services (Bermuda) Ltd. investments. In 2020, Northstar Financial Services filed for bankruptcy and is currently in provisional liquidation.

If you were recommended and sold Northstar Financial Services (Bermuda) investments and suffered losses, please contact our office at (305) 402-9050 or contact@levinlawpa.com. Investors might be entitled to compensation through a FINRA arbitration claim.

Investors Have Suffered Losses Due to Northstar’s Collapse Following Greg Lindberg’s Conviction

Soon after Northstar’s acquisition by Global Bankers, Northstar fund shares declined in value following allegations of misconduct and a subsequent criminal conviction of Greg Lindberg, Global Bankers’ founder and chairman. In March 2020, Lindberg was convicted on federal charges of attempted bribery and corruption.

Unsuitable Northstar Recommendations Led to Millions in Losses

Investors in Northstar Financial Services (Bermuda) Ltd (“Northstar”) have unsuccessfully attempted to redeem their funds and may have lost them completely. Northstar was unable to provide liquidity to investors who attempted to liquidate their investments. 

Advertised as purportedly conservative investments comparable to a bank certificate of deposit, financial advisors from SunTrust and other broker-dealers are alleged to have recommended Northstar to investors in Florida, South America, Japan, Indonesia, and other countries.

Court documents from Bermuda indicated over $70 million was owed to investors as of September 2020 but Northstar reported only $8 million in assets.

Which Banks and Brokerages Recommended or Sold Northstar?

The following brokerages have been known to recommend and sell Northstar Financial Services (Bermuda) investments:

  • Cetera Investment Services
  • J.P. Morgan Securities
  • Ocean Financial Services
  • Bankoh Investment Services (a/k/a Truist Investment Services)
  • Hancock Whitney Investment Services
  • Sun Trust Investment Services
  • Unionbanc Investment Services

Northstar Financial Services, based in Bermuda, offered fixed-rate, insurance, annuities, and other products including:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite, and 
  • Global Index Product

Have You Suffered Losses Related to Northstar Financial Services (Bermuda)?

A brokerage firm may be held liable for losses resulting from their representative’s unsuitable recommendation, failure to adequately disclose risks, material misrepresentations, negligence, or breach of fiduciary duty. Investors may also be entitled to compensation through a FINRA arbitration claim for the broker-dealer firm’s failure to properly investigate the investments recommended by their stockbroker or investment advisor, as well as their failure to supervise.

Several arbitration claims against brokerage firms that recommended investment in Northstar Financial Services (Bermuda) have already been filed with the Financial Industry Regulatory Authority (FINRA), including those against SunTrust Investment Services, Bankoh Investment Services, and Ocean Financial Services. It is believed that brokers received high-commissions for the recommendation and sale of these risky, unsuitable investments.

If you suffered losses in a Northstar investment, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action against the financial professional or institution that recommended Northstar to you.

Contact Levin Law for a Free Case Evaluation

If you invested with Northstar Financial Services (Bermuda) and suffered substantial losses, contact Levin Law for a free case evaluation. Managing Partner Brian Levin has recovered millions on behalf of individual and institutional investors throughout the world.

Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email brian@levinlawpa.com for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.

About Levin Law

Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover approximately $100,000,000 through securities 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.

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