Broker Negligence: Avoid Investment Losses with these Tips

Ocean Financial Services

This independent broker-dealer is a wholly owned subsidiary of Ocean Bank in Florida and was established in 2012. Headquartered in Miami, Ocean Financial Services offers investment management and financial strategies, as well as advice and recommendations, to all kinds of investors. The firm’s website lists fixed income, mutual funds, equity securities, structured products, legacy planning, and credit solutions as among the products and services it provides customers. Ocean Financial Services is licensed in California, North Carolina, Delaware, New York, Texas, and Florida.

Shepherd Smith Edwards and Kantas (investorlawyers.com) represent investors, including foreign nationals, because an Ocean Financial Services broker unsuitably recommended certain financial products to them and this resulted in significant investor losses. Most notably, we have filed a number of Financial Industry Regulatory Authority (FINRA) arbitration cases against this broker-dealer related to Northstar Financial Services (Bermuda) products.

Why Is Ocean Financial Services Under Scrutiny for Possible Broker Negligence Related to Its Recommendation of Northstar (Bermuda)?

Acquired by Global Bankers and its billionaire owner Greg Lindberg in 2018, Northstar Financial Services (Bermuda) filed for bankruptcy protection in 2020. It is very likely that Lindberg, who is now sentenced to several years in prison for wire fraud and bribery, funneled money from this offshore company to other entities he owned. Find out more about Northstar Financial Services (Bermuda) and its troubles that have impacted investors.

Regardless, this was an offshore entity whose financial products should never have been marketed, recommended, and sold by US-based broker-dealers to foreign nationals, many of whom sought a safe haven for their assets in the United States. Investments from Bermuda don’t come with the same protections, and there were plenty of comparable US-based annuities and other products that they could have recommended instead.

The high commissions and fees that Ocean Financial Services earned from selling Northstar (Bermuda) investments were likely a big incentive, as opposed to making sure these financial products were suitable for each customer. Ocean Financial Services registered representatives have been accused of making misrepresentations and omissions about the risks involved when recommending Northstar Financial Services (Bermuda). Many investors said they had no idea the company was in financial trouble until it was too late to get their money back.

Some of the Investor Fraud Claims Our Experienced FINRA Lawyers Have Filed Against Ocean Financial Services:

• An elderly Central American couple is requesting up to six figures in damages after their Ocean Financial Services broker allegedly concentrated their money in Northstar (Bermuda) products.
• This older investor is pursuing up to $500K in damages. Originally from Latin America, she had moved to Texas. At that point, Ocean Financial Services would have been prohibited from selling this offshore company to this US resident. Yet the broker-dealer allegedly went on to unsuitably recommend that she invest in Northstar Financial Services (Bermuda).
• Former Ocean Financial Services broker Maria Calcena allegedly misrepresented that Northstar (Bermuda) products were low-risk, safe, and liquid. Since then, this claimant has been unable to get back the $245K she invested.

How Can You Pursue Damages from Ocean Financial Services For Your Investor Losses if  Broker Negligence is proven?

Whether you suffered significant losses in Northstar (Bermuda) or another investment that was unsuitably recommended by your Ocean Financial Services broker, you may be able to pursue damages against the firm through FINRA arbitration. But first, you have to determine whether you have grounds for a viable claim.

This can be hard to verify unless you are working with an expert investment loss law firm that knows how to analyze your portfolio and your losses, as well as examine key documents and communications between you and your financial advisor to determine whether broker misconduct or negligence was a factor.

It can be difficult, often impossible, to get your money back especially when the issuer of your investment is now defunct. But if your brokerage firm was in breach of its fiduciary duty to you or was even unintentionally negligent in any way when selling to you, and these actions (or lack thereof) contributed to your losses, you may be able to hold them liable.

Over the years, our savvy investment fraud attorneys at Shepherd Smith Edwards and Kantas have helped thousands of US citizens and foreign nationals to recover damages from US-based broker-dealers. We have advocated for our clients in arbitration, mediation, and litigation and have collectively recovered many millions of dollars on their behalf.

To schedule your free, no-obligation case consultation, contact us online or:

In the US, call: (800) 259-9010 today.

International via WhatsApp (text only): 713-227-2400

Mexico: (800) 083-4163