Northstar Bermuda Liquidation

Investors with money in some of financier Greg Lindberg’s many companies, including Northstar Financial Services (Bermuda), have suffered significant harm as billions of investor dollars are frozen and liquidation and litigation drag on. Ultimatelly, investors are not expected to recover a significant amount of money.

Lindberg was criminally charged by the US Department of Justice and the State of North Carolina. His first trial ended with a conviction and sentence of seven years in prison, but the verdict was reversed after he spent 633 days in prison. He wrote a book on his prison stint, that included the words “633 Days” in the title, and discussed his “wrongful conviction.” One of the eight reviews on Amazon is from a reviewer who was defrauded by Lindberg and demands his money back.

In November, 2023, Lindberg will be tried again on federal bribery and fraud charges. Investors are unhappy that while they have no access to their funds, Lindberg has ample assets to fight his legal battles. Investors have grown frustrated with the cost and length of the liquidation.

Investors Pursue FINRA Arbitration Claims for Unsuitable Investment Advice

Investors were sold Northstar Bermuda by broker-dealers who described the investment as solid and stable. Investigators say that Lindberg siphoned off a considerable sum of money to support a lifestyle that included luxury homes, vacations, lavish parties, a private plane, and paying surrogate mothers to have children for him. He sent a considerable amount of these funds to offshore accounts. Lindberg denies the allegations. However, a limited number of brokerage firms agreed to sell Northstar Bermuda and related products in exchange for substantial commissions.

Meanwhile investors are in limbo about whether they will see at least some of their money in the future. One retired couple profiled in a Wall Street Journal article earlier this year found out that their account was frozen when they were trying to purchase a new home and were unable to get any money out for a down payment. They bought their home with a mortgage and have their house, but not the retirement they envisioned. Others have their life savings tied up and have no idea if they will ever see it again.

The company sold annuities with both variable and fixed rate offerings. They were called:

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

Last December, a North Carolina judge ordered the liquidation of two of Lindberg’s companies to begin paying the defrauded investors. But Lindberg’s appeal of the judgment stalled the proceedings and the payments to investors.

Northstar Financial Services (Bermuda) Loss Attorneys

Silver Law Group represents investors who have been the victims of investment fraud. Scott Silver, Esq. is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide and abroad in securities investment fraud cases. Please contact Scott Silver of Silver Law Group for a no-cost consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.