Annuity Loss Lawyers

Did Former Cetera Broker Hui Zhang Sell You Northstar Financial Services (Bermuda) Annuities?

Our Broker Fraud Lawyers Are Investigating Investors’ Losses

Since 2020, Shepherd Smith Edwards and Kantas (investorlawyers.com) have been representing clients against Cetera Investment Services and the many other broker-dealers that allegedly unsuitably marketed and sold Northstar Financial Services (Bermuda) to international investors, including those from China, Japan, and Central America. To date, we have filed over 100 broker fraud lawsuits seeking damages on their behalf.

This includes a six-figure annuity loss claim against Cetera and its former broker Hui Zhang. The claimant, a Chinese investor, met Zhang through East West Bank and entrusted the California financial advisor with his savings. The investor contends that Cetera Investment Services proceeded to allegedly overconcentrate a huge portion of his assets in Northstar (Bermuda), which is now defunct and in liquidation proceedings. Seeking up to $500K in damages, this Chinese national is also alleging negligence, supervisory failure, unsuitability, misrepresentations and omissions, due diligence failures, and more.

Even after Cetera stopped marketing this offshore investment to customers following the criminal fraud allegations against owner Greg Lindberg, this investor was never informed. Not only that but also the claimant was routinely assured that all was well and no changes to his investment needed to happen.

Zhang, who is now a registered representative with Independent Financial Group after leaving Cetera in 2020, sold Northstar Financial Services (Bermuda) annuities to Chinese investors. Also, his CRD on BrokerCheck notes at least five customer disputes alleging misrepresentations and unsuitability.

Why You Need Seasoned Northstar (Bermuda) Annuity Loss Lawyers Representing You

These risky, offshore investments were sold to thousands of foreign nationals, many of whom had chosen to place their money in the United States because they wanted safety and stability. Instead, Cetera and other broker-dealers for no apparent good reason sought to market and sell them annuities in an unrated, unregulated insurer owned by a man long suspected of funneling funds from his insurance companies to special purpose vehicles. Now, many of these investors are reporting significant portfolio losses. One can only assume that the high commissions and fees that the brokerage firms earned served as incentives for the sales.

Lindberg, who was released from prison last year and is awaiting a retrial on those fraud charges, was charged with fraud again this year. He is accused of defrauding thousands of annuity holders of $2B.

With an offshore investment like Northstar (Bermuda), and the regulatory and criminal circumstances surrounding the insurers, it is important that you look into filing your own investor loss claim seeking damages. Rather than waiting for class action litigation or bankruptcy proceedings to conclude, pursuing damages from the broker-dealer who sold you the annuities may be your best chance for financial recovery.

At Shepherd Smith Edwards and Kantas, we are well-versed in the nature of this particular investment and the ways in which broker misconduct or negligence contributed to so many investors losing money. We have the skills, resources, and knowledge to provide you with quality securities law representation as we fight for the damages you are owed.

When you work with us, you become part of our unit of Northstar Financial Services (Bermuda) loss lawsuits represented by our entire firm. You don’t have to be a US resident to sue your broker over your Northstar Financial Services (Bermuda) losses.

How To Schedule Your Free, No Obligation Consultation With Our Savvy Annuity Loss Lawyers

More than 90% of the investors we represent have received full or partial financial recovery from the broker-dealers and investment advisers responsible for their losses.

In the US: (800) 259-9010

International, WhatsApp Text only: (936) 251-0033