What Is Northstar Financial Services (Bermuda) Ltd.?
Silver Law Group represents investors who suffered financial losses after investing in fixed and variable rate products offered by Northstar Financial Services (Bermuda) Ltd. Such products include, but are not limited to:
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Advantage Select
- Global VIP Elite
- Global Index Product
Unfortunately, several months ago, Northstar (Bermuda) fell into insolvency proceedings in Bermuda. Our Northstar (Bermuda) investment fraud attorneys represent investors in claims against the selling broker-dealers. Many investors who purchased the investments are beginning to realize that they did not get what they bargained for.Northstar (Bermuda) Sold To Investors Outside The United States
Northstar (Bermuda) is an offshore, Bermuda-based insurance company that sold fixed- and variable-rate annuity-type products to customers largely based in South America, and Silver Law Group has also spoken to investors in in Asia, Africa, and Europe. Our New York and Florida licensed attorneys represent investors around the globe to help recover losses.
Northstar (Bermuda) reached many of these customers through a network of United States-based brokerage firms, including Ocean Financial Services, LLC (a/k/a Ocean Bank), Truist Investment Services, Inc. (formerly Suntrust), Bankoh Investment Services, Inc., Hancock Whitney Investment Services andCetera Financial.Background On Northstar (Bermuda)
Northstar (Bermuda) was founded in 1998 as Nationwide Financial Services (Bermuda), and grew over the past few decades through the sale of annuities to high-net-worth international clientele who maintained bank and investment accounts in the United States.
Northstar advertised that as a Bermuda-based company, investors could enjoy certain tax benefits not available for United States-based investments. As an added layer of safety and security, Northstar (Bermuda) touts a “segregated account” structure that purportedly maintained investors’ funds separately and securely from Northstar’s creditors.
Despite representations that Northstar investments were conservative, similar to money markets and certificates of deposit, these investments were in fact risky, speculative, offshore investments that did not offer investors the safety and security promised In 2018 Northstar was purchased by Greg Lindberg, at the time a North Carolina insurance entrepreneur. Lindberg bought Northstar as part of his acquisition of a billion-dollar portfolio of insurance companies. Unfortunately, Lindberg used funds from these acquisitions, including Northstar, to finance self-dealing transactions and buy himself expensive estates, a private jet, and a yacht.
Lindberg is now in federal prison following a 2020 conviction of wire fraud and bribery.Northstar (Bermuda) Joint Provisional Liquidation
Due to Northstar (Bermuda)’s financial struggles, it entered liquidation proceedings in Bermuda court, similar to bankruptcy proceedings in the United States. The Bermuda court appointed Joint Provisional Liquidators, who have disclosed that as of May 2020, policyholders requested surrenders of approximately $73 million, while Northstar’s cash on hand was only $8.2 million, leaving a substantial shortfall for investors.
It is currently unknown whether Northstar (Bermuda) investors will receive any of their principal investment back.Recover Your Northstar (Bermuda) Losses
Silver Law Group has already filed claims on behalf of Northstar (Bermuda) investors against some of the broker-dealers who improperly marketed and sold Northstar (Bermuda) to their customers, and the firm is continuing to investigate more of these claims every day. If you or someone you know invested in any of Northstar (Bermuda)’s offerings, please contact the Silver Law Group toll free at (800) 975-4345 or e-mail firstname.lastname@example.org for a confidential consultation.