Attention Bank of Hawaii Investment Customers who were sold Northstar Financial Services (Bermuda) Ltd
Soreide Law Group has filed a FINRA Arbitration Against Bankoh Investment Services, Inc., and Financial Advisor Wanistha Bahar for selling them Northstar Financial Services (Bermuda) Ltd.
By: Soreide Law Group PLLC
The FINRA arbitration case no. 22-01591, filed by securities arbitration firm of Soreide Law Group, alleges that Bankoh broker Bahar offered verbal and written assurances that Northstar Financial Services (Bermuda) investments were safe, secure and they would be able to get their money out at anytime. Attorney, Lars Soreide, who is representing the Claimant believes that Northstar Global Advantage V was not a suitable or safe investment as presented to the Claimant for a number of reasons, including but not limited to: 1) Northstar was not rated by any of the rating agencies, 2) Northstar produced less than $20 million in revenues annually, and 3) no audits were submitted in 2018 or 2019, which were required by the Bermuda Monetary Authority, yet the investment was still sold to the Claimant.
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. No funds have been forthcoming on any of the Claimants' redemption requests. It is unclear why Respondents' would recommend an investment based in Bermuda when many more liquid, higher yielding and safer investments were readily available in the United States. But for the Respondents alleged assurances about their principal and interest being fully guaranteed the Claimants would have never made this categorically unsuitable investment. Northstar is currently in receivership and it is not clear how much, if any money, will be returned to investors.
The investigation of Bankoh is ongoing by Soreide Law Group and it is likely that many other customers also bought Northstar Financial Services (Bermuda) Ltd. through not only Bankoh but other brokerage firms such as SunTrust. Soreide Law has recovered millions of dollars for Northstar Financial victims from multiple firms and has filed over ten (10) FINRA arbitrations on behalf of Northstar Bermuda victims. If you lost money with any broker in Northstar Financial Services please contact Soreide Law Group today at (888) 760-6552. We represent clients nationwide in the USA and handle international clients in countries such as Japan against USA based brokerage firms and brokers.
The lawsuit filed on behalf of the Claimants accused financial Bankoh and Bahar of negligence, breach of fiduciary duty, and negligent supervision. Bankoh and Bahar have not yet filed an Answer to the lawsuit and it is anticipated that they will deny any wrongdoing.
If you were a former customer of former Bankoh Investment Services and sustained substantial losses in Northstar Financial Services (Bermuda) Ltd., or any brokerage firm, contact Soreide Law Group today for a free consolation. We represented investors nationwide through the FINRA Dispute Resolution Forum and only get paid out of the successful settlement or award proceeds should we able to recover your losses. For more information call 1 (888) 760-6552 or visit https://www.SecuritiesLawyer.com
Soreide Law Group PLLC