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.
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 Florida and South America investors.
Court documents from Bermuda indicated over $70 million was owed to investors as of September 2020 but Northstar reported only $8 million in assets.
Northstar Financial Services, based in Bermuda, offered fixed-rate, insurance, annuities, and other products including:
Financial advisors and brokerage firms are obligated to properly conduct adequate due diligence on the investments that they offer to their customers prior to recommending and selling those 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.
If your stockbroker, financial advisor, investment professional, or broker-dealer fails to conduct proper due diligence and makes unsuitable recommendations, the company that he or she works for might be liable to you for resulting damages.
Brokerage firms are required to adequately supervise their employees. If a broker-dealer makes unsuitable investment recommendations that results in damages to a customer, the broker-dealer could be held liable and responsible for customers’ damages.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email email@example.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.
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.