MIAMI, Dec. 7, 2021 /PRNewswire/ -- An older investor is seeking up to $5M in damages in her FINRA arbitration claim over losses she sustained in Northstar Financial Services (Bermuda) while working with Cetera Investment Services, LLC.

Seeking to keep her assets safe, she entrusted the recommendations of her Cetera Investment Services broker, who then proceeded to unsuitably recommend Northstar Financial Services (Bermuda), essentially overconcentrating 100% of her account with this offshore entity. 

Northstar (Bermuda) has since filed for bankruptcy protection and gone into liquidation. It is more than likely that this claimant's investment no longer has any value. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is also working with other Northstar (Bermuda) investors, including foreign nationals, in pursuing damages against the broker-dealers who unsuitably recommended this company's products to them. 

Although the broker-dealer had promised the client safe returns with minimal risk and said that it would structure her account to establish principal protection, the Cetera financial advisor recommended that the customer invest $2M in Northstar (Bermuda). This was not just incredibly unsuitable, but it was also very high risk.

In 2018, Moody's issued a "junk" rating to Northstar (Bermuda) and at the end of the year, the off-shore entity failed to satisfy statutory disclosures (more missed filings followed). This was the same year that the US Department of Justice began investigating the company's owner Greg Lindberg. 

In 2019, there was a criminal indictment against Greg Linberg and his subsequent conviction for wire fraud and bribery the following year.

Even if Cetera Investment Services had no idea about the problems with Northstar (Bermuda), it was their job to know.  And yet, every year when the investor's account and investments were (or should have been reviewed) by compliance, at no time did the firm seek to rectify its gross mistake of recommending and selling Northstar Financial Services (Bermuda) products to this customer. 

If you suffered losses in any of the Northstar (Bermuda) products, get in touch with our securities fraud lawyers today. We have been working with investors that have suffered losses as a result of their broker's negligent actions. Other firms known to sell Northstar (Bermuda) products include Bankoh Investment Services, Truist Investment Services, and Hancock Whitney. 

US Toll Free: (800) 259-9010
Internationally via WhatsApp Text: 713-227-2400
Northstar Bermuda FAQs
Northstar Bermuda Preguntas Frecuentes

View original content to download multimedia:https://www.prnewswire.com/news-releases/retiree-represented-by-ssek-law-firm-files-7-figure-northstar-financial-services-bermuda-claim-against-cetera-301438561.html

SOURCE Shepherd Smith Edwards & Kantas LLP