HAMILTON, Bermuda, April 15, 2021 /PRNewswire/ — The Bermuda Supreme Court has turned down a request by Northstar Financial Services (Bermuda) Ltd.’s management asking for more time to pursue restructuring. Northstar had filed for Chapter 15 bankruptcy last year.
However, even as liquidation proceedings may make getting money back directly from Northstar more challenging, this does not mean you cannot pursue damages from the financial firms that sold you Northstar Financial Services (Bermuda) investments. These firms include Bankoh Investment Services, Truist Investment Services, Ocean Financial Services, and other broker-dealers.
Already, Bankoh Investment Services is facing customer complaints for selling Northstar investments to customers. This includes a $900K Financial Industry Regulatory Authority (FINRA) arbitration claim brought over losses suffered by customers of Bankoh Investment Services broker Yoko Farias.
Northstar Investment Services (Bermuda) Investors May Have Lost Millions
Unfortunately, investors of Northstar Financial Services (Bermuda) are now grappling with significant losses in the wake of the company’s bankruptcy filing and prior to that the suspension of monthly redemptions, as well as the criminal conviction of its owner Greg Lindberg.
Northstar investors likely were drawn to the tax benefits they were supposed to garner from investments based out of Bermuda. Many were told that they could expect Northstar Financial Services (Bermuda) products to be CD-like, conservative, and low risk. Instead, their decision to invest in Northstar’s variable- and fixed-rate annuity products has caused many of them to lose money.
Broker-Dealer Negligence Involving Northstar Investments
Brokerage firms must conduct the proper due diligence before recommending any financial product to make sure it is a safe and legitimate investment. When failure to fulfill this or other fiduciary duties to customers contributes to losses involving financial product failures, the investors who were harmed may have grounds for pursuing damages.
Our Northstar Financial Services (Bermuda) investor fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing investors in their fraud claims against the brokerage firms who sold Northstar products to their customers. If you are one of these investors seeking to recover your losses, contact SSEK Law Firm today at (800) 259-9010.
Toll Free: (800) 259-9010
Kirk Smith firstname.lastname@example.org
View original content to download multimedia:http://www.prnewswire.com/news-releases/northstar-financial-services-bermuda-to-liquidate-after-extension-request-denied-301270033.html
SOURCE Shepherd Smith Edwards & Kantas LLP