Northstar Financial Services (Bermuda) Ltd. Investment Loss Options
Posted on Monday, February 8th, 2021 at 8:59 pm
Erez Law is currently investigating brokers across the country, including those registered with SunTrust Investment Services, Bankoh Investment Services, Truist Investment Services, Ocean Financial Services, and other broker-dealers, who recommended their clients invest in Northstar Financial Services (Bermuda) Ltd., the Bermuda-based annuity and life insurance company that serves the needs of high net worth clients around the globe.
According to public records, brokers across the country recommended Northstar Financial Services (Bermuda) Ltd. 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.
In April 2021, The Bermuda Supreme Court turned down a request by Northstar Financial Services (Bermuda) Ltd., which asked for additional time to restructure. Northstar Financial Services (Bermuda) Ltd. will be liquidated and proceeds will go to creditors. The Bermuda Supreme Court will need to approve payments before they are issued to investors.
In March 2021, the Supreme Court of Bermuda issued a winding up order against Northstar Financial Services (Bermuda) Ltd.
In September 2020, Northstar Financial Services Ltd. began a liquidation process and has lost most of its value. It is estimated that Northstar Financial Services (Bermuda) Ltd. is $260 million in debt.
In March 2020, the Department of Justice convicted Greg Lindberg, the founder and chairman of Northstar Financial Services Ltd., of public corruption and bribery charges, for orchestrating a bribery scheme involving independent expenditure accounts and improper campaign contributions.
In 2018, Northstar Financial Services (Bermuda) Ltd. was acquired by Global Bankers, a North Carolina-based conglomerate owned by Greg Lindberg.
Products offered by Northstar Financial Services (Bermuda) Ltd. include:
- Global Advantage Plus Series
- Global Advantage Select
- Global Index Product
- Global Interest Accumulator
- Global VIP Elite
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, brokerage firms across the country may be liable for investment or other losses suffered by its customers who lost money investing in Northstar Financial Services (Bermuda) Ltd.
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.