Boca Raton, Florida – October 27, 2023 – Law firms Silver Law Group & David R. Chase P.A. have recovered millions of dollars for Northstar Bermuda investors in the United States and abroad, and recently filed a claim to recover a $2 million investment on behalf of one client. The firms have formed a strategic alliance to represent Northstar Financial Services (Bermuda) investors in claims against the broker-dealers that sold the investment to them.
If you invested in Northstar Financial Services (Bermuda), please contact us immediately at (800) 975-4345 for a no-cost confidential consultation to discuss how we may be able to help recover your losses. We represent investors on a contingency fee basis, so it costs nothing to hire us.
Northstar Financial Services (Bermuda) was sold only to investors outside the U.S. and was supposed to provide certain benefits, such as tax shelters, that were not available to American investors. Financial advisors and stockbrokers across the United States, including Suntrust/Truist, Cetera Investment Services, Ocean Financial Services, and Bankoh Investment Services, sold Northstar Bermuda products.
Northstar Financial Services (Bermuda) offered multiple products, including:
- Global Advantage Select
- Global VIP Elite
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Index Product
In 2018 Northstar Financial Services was sold to a Bermuda company owned by now-convicted financier Greg Lindberg. Northstar was just one of hundreds of insurance and investment companies purchased by Lindberg and his conglomerate, Global Growth.
Soon after buying Northstar, Lindberg “reallocated its assets” to other American companies he owned, according to Bermuda court documents. Northstar Bermuda was not able to meet its obligation to investors, many of whom wanted to liquidate their investment. 2020 court documents showed that investors were owed over $70 million and the company had only about $8 million in cash.
Recovering Northstar Bermuda Losses
Northstar Bermuda investments have not performed as expected, and the company is going through bankruptcy and liquidation. Investors are unable to access their principal and are expected to lose most of their money.
Financial advisers and brokers are required to perform due diligence into the products they sell, understand their client’s risk tolerance, and sell them only suitable investments.
Northstar Bermuda involved significant risk and speculation, but many investors allege that their brokers described Northstar Bermuda as a safe investment comparable to a certificate of deposit (CD) that would provide guaranteed income and preservation of their principal. As a result, some investors put significant amounts of their retirement savings into the company and are now experiencing life-altering financial losses.
When a broker or their firm fails to make suitable recommendations, the investor may be able to recover their losses through arbitration, which involves the use of a neutral third party to oversee the dispute and, if warranted, render a financial award.
Most firms require disputes to be resolved through the FINRA arbitration forum. The process is a faster and less expensive way to resolve disputes compared to using the courts. Our firms represent Northstar Bermuda investors on a contingency fee basis, meaning it costs nothing to hire us, and we only receive a fee if we recover your money for you.
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. David R. Chase, Esq. is a former SEC Enforcement Attorney. Please contact Scott Silver for a no-cost consultation at [email protected] or toll free at (800) 975-4345.
Scott L. Silver, Esq.
Silver Law Group
11780 W. Sample Road
Coral Springs, FL 33065
800-975-4345 (Toll Free)
Securitiesfraudattorneys.com
Email: [email protected]
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