It is important to note that generally a variable annuity (VA) is considered a safe, fixed income alternative. However, this Bermuda-based product did not provide the same protections as US-based variable annuities, which made it a riskier proposition. Our Northstar Financial Services (Bermuda) broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this investor in his FINRA arbitration claim against Hancock Whitney Investment Services.
This VA, specifically, was highly unsuitable for him given his age and risk tolerance level. Now, after losing his entire principal, this claimant is alleging unsuitability, misrepresentations and omissions, negligence, failure to supervise, breach of contract, and breach of other duties after suffering significant investment losses. Unfortunately, Northstar Financial Services (Bermuda) is no longer solvent and its owner, Greg Lindberg is in prison. After filing for bankruptcy protection last year, Northstar Financial Services (Bermuda) must liquidate.
Along with other kinds of incentives to brokers that were more than what they would have earned from recommending more conventional bank/annuity products. SSEK Law Firm is representing a number of them in their FINRA arbitration cases against their broker-dealers, including a $500K customer dispute against J.P. Morgan Securities and another $500K investor claim against Truist Investment Services.
Higher commissionsBonusesRemunerations Platt and other Hancock Whitney Investment Services registered representatives likely recommended and sold Northstar Financial Services (Bermuda) to other customers due to the fact that these investments paid:
Contact us today if you believe that you suffered losses after investing in Northstar Financial Services (Bermuda) products. There are also other broker-dealers that sold Northstar Financial Services (Bermuda), including Bankoh Investment Services and Ocean Financial Services.
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- Northstar Financial Services (Bermuda) Investor Seeks Up to $ 5 Million in Damages from Hancock Whitney Investment Services | Express
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