Free Consultation | (800) 259-9010 International via WhatsApp: 713-227-2400 (text only)
Investor Lawyers BlogFINRA arbitration Law Firm
Tokyo Couple Sues Bankoh and Broker Yoko Farias Over Northstar (Bermuda) Losses
Our Northstar Financial Services (Bermuda) Investment Recovery Lawyers Are Representing International Investors
In yet another FINRA arbitration claim, more Japanese investors are suing Bankoh Investment Services and its registered representative Yoko K. Farias over the losses they experienced in Northstar (Bermuda). In their six-figure lawsuit, the Tokyo couple is alleging overconcentration, unsuitable investment recommendations, misrepresentations and omissions, and gross lack of supervision. The Shepherd Smith Edwards and Kantas FINRA arbitration Law Firm are representing these international investors and others against both Bankoh and Farias.
The claimants had sought to keep their funds safe in the US, which is why initially they had an account at Bank of Hawaii. It was through there that they were persuaded by Bankoh to place a large position in Northstar Financial Services (Bermuda). Promised safe returns with minimal risk plus the guarantee of their principal, these investors were devastated to end up with huge losses following their investment’s failure and Northstar (Bermuda)’s bankruptcy.
Honestly, it makes no sense why Bankoh and Farias, who are based out of Hawaii, would market and sell a risky, obscure, offshore annuity-like when there were safer, low-risk alternatives available that were more appropriate for these clients given their financial goals and conservative risk tolerance level.
Now, Northstar Financial Services (Bermuda) owes investors millions as does its owner Greg Lindberg. He was recently accused of defrauding investors in a more than $2B scam. Court documents note that he likely directed Northstar (Bermuda)’s assets to his US-based special purpose vehicles. This partially explains why the company is estimated to have a more than $260M deficit and yet could report just $8M in assets in September 2020.
At this point, bankruptcy proceedings are continuing to take way too long considering that Northstar (Bermuda) filed for Chapter 11 protection in December 2020. Who knows if the receiver in Bermuda will be able to recover anything? However, way before any of this—more than a decade ago—Moody’s already gave a very negative outlook for Bermuda as a place for investing. Why in the world would any reasonable financial advisor recommend a client place all of their assets in what was tantamount to an unrated bond?
Our Northstar (Bermuda) Lawyers Can Help You Explore Your Legal Options
Since 2020, the Shepherd Smith Edwards and Kantas FINRA arbitration Law Firm has been zealously investigating investment losses related to this offshore entity. We are representing more than 100 investors, primarily foreign nationals from Asia and Central America, in pursuing the damages they are owed by the many US brokerage firms that marketed and sold them Northstar Financial Services (Bermuda). You want to work with a seasoned securities law firm that understands this investment and why it failed so badly.
We have been here exclusively representing investors for over 30 years. Not only that, but many of our Northstar (Bermuda) loss attorneys are former stockbrokers who left that industry because we didn’t like many of the unsavory practices that we witnessed. We now use our knowledge as former insiders to call financial advisors and their firms out, hold them liable for broker fraud and negligence, and help investors recoup the damages they are owed.
How To Schedule Your Free, No Obligation Case Assessment with the SSEK FINRA arbitration Law Firm:
In the US: call (800) 259-9010
International, via WhatsApp (text only): (713)-227-2400