$500K Northstar Financial Services (Bermuda) Claim Brought Against Truist Investment Services by Venezuelan Investors

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Aug 17, 2021, 04:00 ET

BOCA RATON, Fla., Aug. 17, 2021 /PRNewswire/ -- Two investors have filed a FINRA arbitration claim against Truist Investment Services, Inc., which is the broker-dealer unit of SunTrust Investment Services. The claimants are seeking up to $500K plus interest and costs after they suffered investment losses in Northstar Financial Services (Bermuda).

Shepherd Smith Edwards and Kantas is representing these South American investors in fighting to recover their losses sustained after their Truist broker unsuitably recommended and sold Northstar Financial Services (Bermuda) products to them.

The claimants were already longtime clients of SunTrust Bank who were invested in traditional banking products when a financial advisor from Truist Investment Services recommended that they invest over six figures in Northstar (Bermuda) products. They were clear from the start that they didn't want to take on much risk.

Now that the off-shore entity is in liquidation after filing for bankruptcy, and its owner Greg Lindberg is serving time in prison, the best chances these claimants have of recouping their losses is to pursue damages through FINRA arbitration.

It is unclear why this Truist financial advisor recommended Northstar Financial Services (Bermuda) to these customers when there were much safer, US-based alternatives available that would have provided very specific protections that these off-shore investments never could.

The claimants, in their FINRA arbitration case, are alleging:

Unsuitability
Failure to supervise
Due diligence failures
Misrepresentations and omissions
Negligence
Grossly negligent behavior

The financial advisor involved appears to have gone unsupervised. Not only that, but year after year, when these investors' account was reviewed, opportunities were missed to remove the claimants from Northstar (Bermuda) and invest their funds in more suitable, conservative financial products.

SSEK Law Firm is representing a number of investors, including other Truist customers, who are foreign nationals in their FINRA arbitration claims against the US-based firms that sold them Northstar Financial Services (Bermuda) products.

If you suffered losses because your Truist Investment Services broker recommended this offshore investment to you, contact us below:

Kirk Smith, [email protected]

US Toll Free: (800) 259-9010

Mexico Toll Free: (800) 283-3403

International via WhatsApp (text only): 713-227-2400

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SOURCE Shepherd Smith Edwards & Kantas LLP