Several registered representatives of Truist Investment Services (TIS) allegedly sold products of Northstar Financial Services (Bermuda) to customers, in several cases unsuitably. In the wake of the company going into liquidation, investor losses are mounting. Owner Greg Lindberg, now behind bars, is suspected of having passed investor funds out to his other business interests.
At the end of last year, the company reported a deficit of over $260M. Assets amounted to a meager $8M. Its products being misrepresented as safe and secure has been proven to be a lie.
One of the TIS brokers named in a case of unsuitable recommendation of Northstar Financial Services (Bermuda) is Coral Gables, Florida-based Stephen Berrocal. Damages of $500K have been sought by the claimant.
Customer complaints involving Berrocal are being investigated by Haselkorn & Thibaut, P.A. (InvestmentFraudLawyers.com). They investigating claims for investors in filing FINRA (Financial Industry Regulatory Authority) arbitration claims against TIS for their brokers selling Northstar Financial Services (Bermuda) to their clients. Investors are encouraged to contact Haselkorn and Thibaut directly to request a free case consultation/portfolio review at 1-800-856-3352. They have offices in FL, NY, AZ, NC, and TX.
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Stephen Berrocal’s Record
There are multiple customer disputes are noted on the BrokerCheck record of Berrocal, many of them alleging unsuitable recommendations of investments. The three more recent claims are listed below:
September 2020 – FINRA arbitration claim for $500K that seems to be about a Northstar related transaction.
March 2021 – $626K sought in damages on account of unsuitable investment recommendations.
April 2021 – $430K sought in damages on allegations of unsuitability.
Berrocal has been a registered representative of SunTrust Investment Services, Wells Fargo Advisors, J.P. Morgan Securities, A.G. Edwards and Sons, Chase Investment Services Corp., and Sterling Financial Investment Group, prior to his current stint with TIS, all in a career spanning 19 years in the industry.
Northstar Financial Services Bermuda Lawsuits
The expectation for investors of receiving any significant amount from Northstar Financial Services Bermuda is very small. The most promising path seems to be to file a FINRA arbitration complaint/lawsuit, with the support of experienced investment fraud attorneys.
Haselkorn & Thibaut represents investors both US-based as well as ones based overseas in FINRA arbitration claims against US-registered broker-dealers, whether for Northstar Financial Services (Bermuda) related investments or others.
Raymond James, Bankoh Investment Services, Unionbanc Investment Services, and J.P. Morgan Securities are some of the other brokerage firms against whom Haselkorn & Thibaut is pursuing Northstar Financial Services (Bermuda) related claims on behalf of their clients. Investors are encouraged to contact Haselkorn and Thibaut directly to request a free case consultation at 1-800-856-3352.