Ocean Financial Services Broker Named in Northstar Fraud Claim

Former Customer of Florida Broker is Seeking $245K In Damages

Maria Florencia Calcena, currently an Infinex Investments broker in Palm Beach, Florida, is named in a $245K investor claim in which the customer invested in a product from Northstar Financial Services (Bermuda) Ltd.

The investor is alleging breach of fiduciary duty, negligence, and violation of Florida’s Investor Protection Act during Calcena’s time as an Ocean Financial Services registered representative.

Our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are investigating losses sustained by customers of ex-Ocean Financial Services stockbroker Maria Calcena or other registered representatives from that firm who marketed and sold Northstar Financial Services (Bermuda) investments to clients.

Unfortunately, financial advisors from Ocean Financial Services, Truist Investment Services, which is SunTrust Bank’s brokerage unit, and Bankoh Investment Services of Bank of Hawaii may have unsuitably recommended Northstar Financial (Bermuda) products to customers. While its products were marketed as stable, CD- or money market-like, and low-risk, the brokerage firm is now undergoing provisional liquidation proceedings after filing for bankruptcy with investors likely having lost the majority of if not their entire investments.

Contact SSEK Law Firm to speak with one of our experienced broker fraud lawyers today.

Investor Was Promised Liquidity and Safety

In the claim involving ex-Ocean Financial Services broker Maria Calcena, the customer contends that the registered representative reassured her many times that her investment would be safe, secure, and liquid.

She was also advised that, minus a small surrender fee, she could withdraw her money whenever she wanted. Instead, the claimant has been unable to get back any of the $245K she invested, which she has asked for back in full.

According to BrokerCheck, Maria Calcena has been an Infinex Investments broker since 2020. Before that, she was an Ocean Financial Services broker from 2014 to 2020.

It was in 2018 that Northstar Financial Services (Bermuda) was acquired by Global Bankers. In 2020, the latter’s owner, Greg Lindberg, was convicted of attempted bribery and corruption. As with other companies under his control, Lindberg appears to have funneled money from Northstar Financial (Bermuda) to benefit himself.

Which Northstar Financial Bermuda Products Were Investors Sold?

Products from Northstar Financial Services (Bermuda) that were sold as annuity-like insurance products with fixed and variable rates include:

Global Index Product
Global Advantage Select
Global Advantage Plus Series
Global VIP Elite

Part of the draw for investors was the supposed tax shelter and other benefits they could avail of from Bermuda-based investments.

Experienced Northstar Financial Services (Bermuda) Investment Fraud Attorneys

SSEK Law Firm continues to zealously investigate customer losses involving Northstar Financial Services (Bermuda). Most recently, we brought a $500K FINRA arbitration claim against Truist Investment Services on behalf of a retiree based in Latin America who was never apprised of the risks involved.

If you believe you suffered losses as a result of investing in Northstar products, contact our experienced investor fraud lawyers so that we can help you explore your legal options. Call us at (800) 259-9010 or contact us using our online form.