Recover Your Northstar Financial Services (Bermuda) Losses
Silver Law Group has filed several securities arbitration claims on behalf of investors concerning losses in Northstar Financial Services (Bermuda), a Bermuda-based insurance company that sold fixed and variable rate annuity-type products to investors in South and Central America, as well as Asia, Africa, and Europe.
Northstar (Bermuda) is now the subject of a liquidation order in Bermuda court—meaning the company is essentially bankrupt—and investors who purchased Northstar (Bermuda)’s products are facing serious losses and are unable to redeem their investments.
Several brokerage firms in the United States, including Ocean Financial Services, LLC (Ocean Bank), Truist Investment Services, Inc. (formerly Suntrust), Bankoh Investment Services, Inc., Hancock Whitney Investment Services, and Cetera Financial sold Northstar (Bermuda) products to investors outside the US. You may have a claim against your adviser for selling you a Northstar (Bermuda) investment.What Does The Northstar (Bermuda) Liquidation Mean For Investors?
In October 2020, the Bermuda Monetary Authority issued proceedings in the Supreme Court of Bermuda seeking the winding up of Northstar (Bermuda). The Petition stated that:
- In July 2018, a change of control took place, and the ultimate beneficial owner is Greg Lindberg
- In 2020, Mr. Lindberg was convicted by a federal jury of conspiracy to commit honest services wire fraud and bribery
- Northstar (Bermuda) has had non-compliance and liquidity issues
- Northstar (Bermuda) currently has substantial liquidity issues and is unable to satisfy all surrender requests or requests from investors for the withdrawal of sums pursuant to investment contracts
After several months, the court entered an order to wind up (or liquidate) Northstar (Bermuda). Northstar is now telling investors that no surrender payments will be made to policyholders “unless and until such time as we have been able to confirm the solvency position of the company.”
Given that the joint provisional liquidators in the Bermuda Court determined at least a $60 million shortfall between surrender requests and cash on hand (as of May 2020), investors who purchased any of Northstar’s products are likely facing a substantial loss on their investment.You May Have a Claim to Recover Your Northstar (Bermuda) Losses
Brokerage firms owe a duty to their customers to understand and investigate the products they recommend to investors, and to ensure that the investments they recommend are appropriate, or “suitable”, for each individual investor, based on their age, financial situation, and other factors. If your broker failed to uphold these standards, they may be liable to you for your losses.
Silver Law Group has already filed several FINRA arbitration claims against the brokerage firms that sold Northstar (Bermuda) to recover investors’ losses. Contact Silver Law Group today if you invested in any of the following products:
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Advantage Select
- Global VIP Elite
- Global Index Product
Silver Law Group operates on a contingency-fee basis, so the firm does not profit unless we recover funds for you. Our investment fraud attorneys have significant experience representing investors in claims for stockbroker misconduct and we only get paid if we help you recover money. Contact Silver Law Group toll free at (800) 975-4345 or e-mail firstname.lastname@example.org for a confidential consultation. Our attorneys represent investors worldwide in investment fraud disputes.