HOUSTON, May 4, 2021 / PRNewswire-HISPANIC PR WIRE / – In its Financial Industry Regulatory Authority (FINRA) arbitration complaint against Hancock Whitney Investment Services, Inc., a senior investor in central America look up to $ 5 million in damages. The senior investor suffered losses when investing $ 1.25M in Northstar Financial Services (Bermuda) on the recommendation of Hancock Whitney Investment Services broker, Robin Platt.
The applicant, a long-time client of Hancock Whitney Bank, had mainly invested in banking products and kept his money in checking / savings accounts. In 2016, Platt recommended the Bermudaa retirement-based investment, which would continue to constitute the majority of the retiree’s portfolio.
Our Northstar Financial Services (Bermuda) Broker fraud attorneys from Shepherd Smith Edwards and Kantas (law firm SSEK on investorlawyers.com) represent this investor in its FINRA arbitration claim against Hancock Whitney Investment Services.
It is important to note that a variable annuity (VA) is generally viewed as a secure fixed income alternative. However, this Bermudathe derivative product did not offer the same protections as variable annuities in the United States, making it a riskier proposition.
This VA, in particular, was not at all suitable for him given his age and level of risk tolerance. Now, having lost all of his principal, this plaintiff alleges unfitness, misrepresentation and omissions, negligence, failure to supervise, breach of contract and breach of other obligations after suffering significant investment losses .
Platt and other registered representatives of Hancock Whitney Investment Services likely recommended and sold Northstar Financial Services (Bermuda) to other customers because these investments have paid:
- Higher committees
With other types of incentives for brokers that were more than they would have earned by recommending more conventional banking / annuity products.
Unfortunately, Northstar Financial Services (Bermuda) is no longer solvent and its owner, Greg Lindberg is in prison. After filing for protection of the law last year, Northstar Financial Services (Bermuda) must liquidate.
Law firm SSEK is representing a number of them in their FINRA arbitration cases against their brokers, including a $ 500,000 client dispute against JP Morgan Securities and another 500,000 USD investor claim against Truist Investment Services.
There are also other broker-dealers who have sold Northstar Financial Services (Bermuda), including Bankoh Investment Services and Ocean Financial Services.
Contact us today if you believe you have suffered losses after investing in Northstar Financial Services (Bermuda) some products.
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SOURCE Shepherd Smith Edwards & Kantas LLP