Broker Fraud Lawyers

Can International Investors Pursue Their Northstar (Bermuda) Losses From Cetera Investment Services?

Chinese Investor Sues US-Based Broker-Dealer For Up to $500K in Damages

If you are a foreign national who suffered losses after Cetera Investment Services or another US-based broker-dealer marketed and sold you Northstar Financial Services (Bermuda) investments, know that there are legal remedies available to you for recovering your losses. This includes, potentially, suing the brokerage firm and their registered representative in Financial Industry Regulatory Authority (FINRA) arbitration.

Shepherd Smith Edwards and Kantas team of broker fraud lawyers represent international investors in pursuing the damages they are owed for their Northstar (Bermuda) losses. To date, our efforts have resulted in more than 100 FINRA lawsuits filed against dozens of brokerage firms on behalf of clients in Latina America and Asia.

This includes, most recently, a six-figure broker fraud lawsuit seeking up to $500K in damages from Cetera and Los Angeles-based broker Ping Shuang Cathy Wu. The claimant, who lives in Beijing, met Wu through East West Bank, which offers investment advisory services through the brokerage firm. The Cetera financial advisor then proceeded to allegedly unsuitably recommend Northstar Financial Services (Bermuda) to this investor, overconcentrate the customer’s savings in this offshore investment, and failed to disclose certain negative facts about the company. Meantime, the claimant, who wanted a safe haven for her assets, was told that her funds had been placed in low-risk investments and was promised principal preservation. Instead, this Chinese investor suffered a six-figure loss.

This is not the first Northstar (Bermuda) investor loss claim we have filed against Cetera and it will likely not be the last.

Why You Should Speak With Our Seasoned Annuity Loss Attorneys

Since late 2020, Shepherd Smith Edwards and Kantas have been heavily involved in investigating the broker-dealers that sold Northstar Financial Services (Bermuda) annuity and annuity-like investments to foreign nationals. The majority of them sought to keep their funds safe in the US. Instead, these financial firms and their registered representatives recommended an offshore entity that was unrated, lacked the kinds of protections that come with US-based investments, and was owned by Greg Lindberg who was indicted of fraud and other criminal charges in 2019. In 2020, Northstar (Bermuda) filed for bankruptcy and is now in liquidation.

Meanwhile, Lindberg, who was released from prison last year, is awaiting two more criminal trials and is now charged with committing a $2B annuity fraud against policyholders who invested in his US-based insurers, including Colorado Bankers Life Insurance. Already, we are also representing a number of these investors in their broker fraud lawsuits.

If you contact us today, we can help you assess whether you may have grounds for a Northstar Financial Services (Bermuda) claim and help you explore your legal options. Should we agree to work together, you will become part of our unit of annuity loss claims represented by our entire team of savvy broker fraud lawyers, legal assistants, and consultants who already have in-depth knowledge of how this investment failed and why your broker-dealer owes you damages for your losses.

Unfortunately, the lure of the high commissions they could earn from selling Northstar (Bermuda) annuities to customers may have compelled brokerage firms to engage in alleged unsuitability, misrepresentations and omissions, negligence, concentration, broker negligence, or some other type of financial advisor misconduct. Not only that, but broker-dealers appear to have committed gross supervisory failures when it came to monitoring their registered representatives and their activities in customers’ accounts.

Should your investment loss recovery claim go before the panel of FINRA arbitrators, Shepherd Smith Edwards and Kantas broker fraud lawyers will provide you with quality securities law representation while protecting your rights. Over the years, more than 90% of the investors we have represented have received full or partial financial recovery with our help.

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