Northstar Financial Services (Bermuda) Were Unsuitably Recommended to Retirees and Seniors
Over the past two years, our experienced investor loss attorneys have been astounded to discover how many US-based brokerage firms committed broker negligence by unsuitably recommending and selling Northstar (Bermuda) investments to foreign nationals seeking a safe haven for their assets. One can only assume that these broker-dealers and their financial advisors were lured in by the high commissions and fees they could earn from selling products from this obscure, offshore entity to clients who had been clear from the start about wanting to take on little-to-no risk.
Mexico Investor Files Seven-Figure FINRA Lawsuit Against Infinex Investments
Many of these individuals are retirees and seniors from abroad who entrusted their American brokers to keep their money safe. Now, in the wake of Northstar Financial Services (Bermuda)’s bankruptcy filing in December 2020 and its other legal and financial woes, these inexperienced, conservative investors have been left with huge losses.
Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing many of these investors, most of them from Mexico, Japan, China, and other countries in Latin America, in pursuing damages from these brokerage firms. Already, we’ve filed dozens of FINRA lawsuits on their behalf.
This includes, most recently, a seven-figure Northstar (Bermuda) investment loss claim on behalf of an elderly Mexican widow against Infinex Investments and its San Diego broker Fermin Alberto Messina. This inexperienced investor, who had a US account with First Bank, was introduced by the latter to her Infinex financial advisor to whom she entrusted her family’s life savings. Infinex Investments and its registered representative then allegedly proceeded to abuse that trust by overconcentrating a huge portion of her assets in Northstar Financial Services (Bermuda), which is no longer in operation.
It makes no sense why Infinex would invest this elderly widow in an offshore product when it could have easily invested her in US-based securities that offered the same features, were better rated, had more protections, and were not as risky. Instead, they invested her money in an obscure company in a territory that had been deemed by Moody’s as far back in 2011 as a bad place to invest.
Not only that, but at no time did Infinex Investments apprise this unsophisticated investor of the fact that her Northstar (Bermuda) product was unrated, the company had failed to meet statutory disclosures since 2018, and that its owner Greg Lindberg was indicted and then convicted of criminal fraud charges. Instead, her Infinex broker allegedly routinely assured her that all was well with her investments and recommended that no changes be made.
Now, this investor is alleging unsuitability, misrepresentations and omissions, overconcentration, broker negligence, failure to supervise, and other claims. Our skilled Northstar (Bermuda) investment loss lawyers are helping her pursue up to $1M in damages.
Broker Negligence: Should You Sue Your Financial Advisor For Selling You Northstar (Bermuda) Products?
The best way to determine whether you have grounds for a FINRA lawsuit is to explore your legal options with our experienced brokerage firm negligence attorneys. Even if you live abroad, Shepherd Smith Edwards and Kantas (investorlawyers.com) can work with you. For over 30 years, our clients have included US-based investors and foreign nationals who have suffered losses due to the wrongful or careless actions of broker-dealers in this country. We have recovered many millions of dollars on our client’s behalf.
When you agreed to work with your brokerage firm you signed a document in which you agreed to resolve any disputes through FINRA arbitration. This is why you need skilled FINRA lawyers experienced in the arbitration process representing you. This is not a legal claim that you want to pursue without your own legal representation protecting your rights and fighting for your financial recovery.
How Can You Contact Shepherd Smith Edwards and Kantas?
Our Northstar Financial Services (Bermuda) Broker Negligence attorneys are representing a number of Latin American investors against Infinex in FINRA arbitration.
In the US: (800) 259-9010
International via WhatsApp: 713-227-2400 (text only)
Se Habla Español
Northstar Bermuda FAQs
Northstar Bermuda Preguntas Frecuentes
List of Northstar Financial Services (Bermuda) Products That Were Sold to Investors