Truist Investment Services Financial Advisor Named in $1.5M of Pending Customer Disputes
Stephen Berrocal, a Truist Investment Services broker and investment advisor based out of Coral Gables, Florida, is named in three active customer disputes. At least one of them appears to involve the allegedly unsuitable recommendation of Northstar Financial Services (Bermuda). The claimant in that case is seeking $500K in damages.
Truist Investment Services registered representatives sold Northstar Financial Services (Bermuda) products to customers, many of whom have now lost money in the wake of the company going bankrupt and into liquidation. Its owner, Greg Lindberg, is in prison. He is suspected of having funneled funds from Northstar Financial Services (Bermuda) to his other companies.
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating customer claims involving Florida broker, Stephen Berrocal. Already, we’ve filed a number of Financial Industry Regulatory Authority (FINRA) arbitration claims against Truist Investment Services because its brokers sold Northstar (Bermuda) investments to our clients. Call (800)259-9010 today. If you live in Florida, call (813) 560-2992.
Disclosures Featured On Stephen Berrocal’s BrokerCheck Record
The Truist Investment Services broker’s BrokerCheck record notes several customer disputes alleging the broker unsuitably recommended investments that were not appropriate for investors’ portfolios. Below, is a list of the most recent claims that Stephen Berrocal is facing:
- 4/2021: Alleging unsuitability, the claimant is seeking $430K in damages.
- 3/2021: Also alleging unsuitable investment recommendations, this customer is seeking more than $626K in damages.
- 9/2020: This is the $500K FINRA arbitration claim that appears to involve Northstar.
Berrocal has worked for 19 years in the industry. Other firms where he used to be registered include SunTrust Investment Services, J.P. Morgan Securities, Chase Investment Services Corp., Wells Fargo Advisors, A.G. Edwards and Sons, and Sterling Financial Investment Group.
Fighting For Investors Who Were Sold Northstar Financial Services (Bermuda) Products
SSEK Law Firm represents investors in the US and abroad in their FINRA arbitration claims involving Northstar Financial Services (Bermuda). By late last year, the company reportedly had an over $260M deficit and was able to report just $8M in assets. Its products have been misrepresented as safe and secure, which has not proven to be the case at all.
The best chance that Northstar Financial Services (Bermuda) investors have of recouping their losses is to file their own FINRA arbitration claim with the help of experienced investment fraud attorneys. Other brokerage firms that SSEK Law Firm is pursuing disputes on behalf of investors include Raymond James, Bankoh Investment Services, Unionbanc Investment Services, J.P. Morgan Securities, and others.
We represent investors in the US and those based abroad. For more information, check out our Northstar Financial Services (Bermuda) FAQs (Also available in Spanish and Japanese). Contact us today to request a free case consultation.