Northstar Financial Services Bermuda Investigation | Recover Your Investment Losses
Goodman & Nekvasil, P.A. is investigating Northstar Financial Services Bermuda regarding possible misconduct related to their various investment and insurance products and the broker-dealers who sold them.
What is Northstar Financial Services (Bermuda)?
Northstar Financial Services, which is based in Bermuda, offered variable-rate and fixed-rate investments and other annuity-like insurance products to customers, including:
- Global VIP Elite
- Global Interest Accumulator
- Global Advantage Plus Series
- Global Index Product
- Global Advantage Select
The Bermuda based company advertised that the Bermuda laws and regulations that govern their investments offer certain tax shelters and other benefits that US-based investments cannot.
Investors have alleged that brokers were pitching Northstar Financial Services Bermuda investments as conservative investments that were like bank CDs. Investors were allegedly promised guaranteed monthly income and no risk of loss of principal.
What Happened to Northstar Financial Services Bermuda?
In 2018, Northstar was sold to a Bermuda holding company owned by Greg Lindberg, who was convicted by a federal jury of wire fraud and bribery regarding programs receiving federal funds in March 2020. Greg Lindberg is currently serving a sentence of seven years and three months in federal prison.
After the United States Department of Justice investigated and indicted Lindberg, investors in Northstar Financial Services began requesting liquidation of their investments. The company was not able to pay, and court documents state the company could have a deficit of $265 million.
Goodman & Nekvasil, P.A. May Recover Investor Losses
Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, continues to investigate brokerage firms that placed elderly retirees and other conservative investors in high-risk investments such as Northstar Financial Services Bermuda. Goodman & Nekvasil, P.A., has filed hundreds of cases against brokerage firms selling high-risk investments such as Northstar Financial Services Bermuda and has recovered more than $200 million dollars on behalf of victimized investors. We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives. All our cases are handled on a purely contingency fee basis.
You may have the right to recover your losses from the brokerage firm that sold Northstar Financial Services Bermuda and other high-risk investments to you. We strongly recommend that you act quickly, however, because statutes of limitation can be short in securities cases.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for almost 40 years. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of these investments in any way.
If you incurred losses on your investment in Northstar Financial Services (Bermuda) and/or other high-risk investments and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.