Did Your J.P. Morgan Securities Broker Recommend You Invest in Northstar Financial Services (Bermuda) Ltd.?
Posted on Thursday, May 13th, 2021 at 1:23 pm
Erez Law is currently investigating J.P. Morgan Securities brokers who recommended their clients who recommended Northstar Financial Services (Bermuda) Ltd., a Bermuda-based annuity and life insurance company that serves the needs of high net worth clients around the globe.
J.P. Morgan Securities brokers allegedly recommended Northstar Financial Services (Bermuda) Ltd. to their clients as a safe investment for conservative investors; however, Northstar Financial Services (Bermuda) Ltd. has suspended monthly income distributions as of 2020. It is also reported that it is not likely that Northstar Financial Services (Bermuda) Ltd. will have enough assets to pay back the full amount owed to fixed-rate contract holders.
According to public records, a Mexican couple filed a FINRA against J.P. Morgan Securities alleging $500,000 plus interest and costs for losses sustained due to investments in the variable annuity product Northstar Financial Services (Bermuda) Ltd. The complaint alleges breach of contract, breach of fiduciary duty, and other violations that resulted in their significant investment losses, failure to supervision, misrepresentations & omissions, negligence & gross negligence, overconcentration, and unsuitable recommendations. While the couple sought to protect their assets from the fluctuating currency affected by the government and economic stability in Mexico, regrettably their investments were not safe and secure in the offshore product, causing them to suffer investment losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan Securities may be liable for investment or other losses suffered by its customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.