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Our Northstar Bermuda Broker Fraud Attorney Represents South American Investors Over Northstar (Bermuda) Losses
Argentine Family Seeks Up To $1M in Damages from Truist Investment Services
Shepherd Smith Edwards and Kantas (investorlawyers.com) represent clients throughout Latin America and South America who suffered losses because a US-based brokerage firm marketed and sold them Northstar Financial Services (Bermuda) annuities. This includes a family in Buenos Aires—mostly of retirees—who entrusted Truist Investment Services (AKA SunTrust Investment Services) to keep their money secure. Now, they are suing the brokerage firm for up to $1,000,000 in damages.
Things can be financially tough in Argentina, especially with currency fluctuations and the risk of confiscations by the State. The family, which had bank accounts with Truist for years, sought a safe haven in the United States for their assets. It was then-SunTrust broker Luis Larios in Miami who allegedly recommended that they do more than keep their funds in CDs and suggested the poorly rated, unprotected Northstar (Bermuda) investments.
These investors later worked with Truist financial advisor Stephen Berrocal. The claimants contend that these brokers allegedly made misrepresentations and omissions about the risks, as well as regarding certain material information related to these investments.
In their Northstar Financial Services (Bermuda) loss claim against Truist Investments, the investors contend that the respondent abused their trust by allegedly overconcentration a huge portion of their assets, which included their liquid life savings, in this now defunct offshore investment that was completely inappropriate them for them given that they wanted low-to-no risk with principal guaranteed. Meanwhile, the claimants were routinely reassured that all was well despite the regulatory and financial woes plaguing the Bermuda-based insurer, which their Miami brokers knew or should have known about.
These Argentine investors are also alleging a gross lack of supervision by Truist. They are non-English speaking individuals who trusted their Florida brokers, who spoke Spanish, to prioritize their best interests. Why would these financial advisors recommend a risky offshore investment when there were safer, comparable, better-protected US-based products available?
Not only that, but Northstar (Bermuda) owner Greg Lindberg has long been suspected of funneling money from his insurers to his special-purpose vehicles. He is currently facing criminal fraud charges in two separate cases. It appears that the high commissions that stockbrokers stood to earn from allegedly pushing these annuities onto customers may have taken greater precedence than protecting these claimants’ money.
Fighting For Foreign Nationals Against US Broker-Dealers
Northstar Bermuda Preguntas Frecuentes
Since 2020, when Northstar Financial Services (Bermuda) filed for bankruptcy, Shepherd Smith Edwards and Kantas have been filing investor lawsuits against the many broker-dealers that allegedly unsuitably sold these offshore annuities to foreign nationals in Latin America, South America, and Asia. We also represent US investors who suffered losses in other Lindberg-owned insurers, including Colorado Bankers Life Insurance.
This latest FINRA arbitration claim is one of many we have filed against Truist Investment Services, which appears to have targeted Latin American investors when it comes to selling Northstar (Bermuda). Should we agree to work together, you will become part of our unit of annuity loss lawsuits represented by everyone at our firm.
With over a century’s worth of experience in securities law and the securities industry, our Northstar Financial Services (Bermuda) fraud attorneys have the skills, knowledge, and experience to see your case to its conclusions.
Over the decades, we have helped thousands of investors to collectively recover many millions of dollars in arbitration, mediation, and litigation.
How To Contact Our Northstar Bermuda Broker Fraud Attorney Team:
Call (800) 259-9010 or fill out this form.
International, via WhatsApp: +1 (713)227-2400 (text only)