Soreide Law Group has recovered millions of dollars against financial advisors for selling Northstar Financial Services (Bermuda) Ltd. investments
Soreide Law Group has filed a FINRA Arbitrations and recovered millions of dollars against financial advisors for selling them Northstar Financial Services (Bermuda) Ltd.
Investors from Japan, Mexico and South America have hired the securities arbitration law firm Soreide Law Group to recover their millions of dollars in losses from Northstar Financial Services (Bermuda) Ltd. (“Northstar”). Many of the investors believed that their investment offered full principal protection. In late 2018, Northstar, was acquired by North Carolina-based conglomerate called Global Bankers. This company was ultimately owned by Greg Lindberg. Mr. Lindberg was subsequently indicted on corruption charges in his home state of North Carolina in early 2019 which set of a chain of events that placed Northstar Bermuda into bankruptcy. Global Advantage V or any of the Northstar Bermuda products should not have been presented to the investors as a safe or a “guaranteed” investment in that any broker dealer who did any due diligence would learn that:
a. Northstar was not rated by any rating agency;
b. Northstar produced less than $20 million annually in revenue, which is incredibly small for an annuity company;
c. No audits were submitted (which were required by the Bermuda Monetary Authority) in 2018 or 2019;
d. There is no state guarantee fund as offered by almost all states in the United States if the investment fails;
e. The fund was highly leveraged;
f. Bermuda doesn’t have the same regulatory checks and balances as the USA that could allow a sole operator to single handedly change the course of the investments and divert all the money to his companies in a different country; and most importantly
g. Northstar failed a 2011 audit which based on the Company’s total assets, the Company was required by the Bermuda regulators to have a statutory capital surplus of $2,817,591 as of December 31, 2011, and Northstar’s actual statutory capital and surplus on that date of their 2011 audit was (-$4,362,568)
The lawsuits, filed by securities arbitration firm of Soreide Law Group, many of which have already settled, are still pending in the FINRA forum. There is a closing window of time to file these case and it is believed that the bankruptcy process will not make investors whole and their best hope for a full recovery is to file a FINRA arbitration with the securities lawyers at Soreide Law Group.
According to Lars K. Soreide, Esq., lead attorney at Soreide Law Group, "it is likely that many other customers also bought Northstar Financial Services (Bermuda) Ltd. have lost money and are waiting on the bankruptcy process to resolve before making a decision on whether or not so sue their financial advisors, unfortunately by the time that process resolves the majority of the claims if not filed will be time barred". Soreide Law represent clients nationwide in the USA and handle international clients in countries such as Japan, Mexico and Latin America against USA based brokerage firms and brokers.
The lawsuit filed on behalf of the Claimants accused financial Bankoh and Farias of negligence, breach of fiduciary duty, and negligent supervision. Bankoh and Farias have not yet filed an Answer to the lawsuit and it is anticipated that they will deny any wrongdoing.
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