What Happened to Northstar Financial Services Bermuda?

In 2018, Northstar Financial Services (Bermuda) Ltd. was sold to a Bermuda holding company owned by Greg Lindberg. In 2019, the United States Department of Justice indicted Lindberg on federal wire fraud and bribery charges. The next year, he was convicted in 2020, and was sentenced to seven years in federal prison. 

After Lindberg’s indictment, investors who held Northstar Financial Services (Bermuda) products moved to liquidate their holding, but the company was unable to pay liquidation or redemption requests. Then, in September 2020, Northstar Financial Services (Bermuda) filed for Chapter 15 bankruptcy, and joint and provisional liquidators were granted by the Bermuda Court to wind up the company.

According to public records, the following brokerage firms recommended their clients invest in Northstar Financial Services (Bermuda) Ltd.:

• Ankoh Investment Services, Inc.

• Bancwest Investment Services

• Bankoh Investment Services

• Bank of Hawaii

• Cetera Investment Services

• CommunityAmerica Financial Solutions

• Global Advantage Plus Series

• Global Advantage Select

• Global Index Product

• Global Interest Accumulator

• Global VIP Elite

• Hancock Whitney Investment Services

• J.P. Morgan Chase Co.

• Ocean Financial Services

• Raymond James & Associates

• Raymond James Financial Services

• Suntrust Investment Services

• Truist Investment Services

• United Nations Federal Credit Union (UNFCU)

• Unionbanc Investment Services

Department of Justice Press Release

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.

You May Recover Losses in Northstar Financial Services Bermuda through FINRA Arbitration

We believe that investors who have sustained losses in Northstar Financial Services Bermuda may be able to recover their losses through a FINRA arbitration claim. If you lost money in Northstar Financial Services Bermuda you should seek the advice of a lawyer who has experience representing investors in investment fraud and broker negligence cases to discuss their rights.

At Goodman & Nekvasil we work on a contingency basis for every one of our clients. No recovery = no fees or costs means that, as our client, you owe us nothing unless we obtain a recovery on your behalf. Attorney’s fees are only collected if you receive a recovery, and the same is true for costs. We bear the costs of your case throughout the process, only receiving compensation if you recover some of your losses. If you don’t win a recovery, we don’t get paid. We have established a fee structure that not only represents the faith we have in our clients’ cases but also motivates our firm truly to work in your best interest. We have aligned our goals with our clients’ goals, and it allows us aggressively to pursue recoveries with all of our resources. We are devoted to achieving the best outcomes for every one of our clients.