UNFCU Clients Pursue Six-Figure Northstar Financial Services (Bermuda) Claim Against Raymond James & Copper FinancialNEW YORK
Three investors have filed a FINRA arbitration claim against Raymond James Financial Services and Copper Financial (fka Community America Financial Solutions, LLC). These investors suffered losses in Northstar Financial Services (Bermuda) ( https://c212.net/c/link/?t=0&l=en&o=3427939-1&h=2445548067&u=https%3A%2F%2Fwww.investorlawyers.com%2Fnorthstar-financial-services-bermuda.html&a=Northstar+Financial+Services+(Bermuda) ) products, alleging unsuitability, overconcentration and more.
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The claimants, who are foreign nationals that worked for the United Nations based in the United States, are requesting up to $500K in damages. They had traditional bank accounts with the United Nations Federal Credit Union (UNFCU). Raymond James and Cooper had offices within the UNFCU branch.
Shepherd Smith Edwards and Kantas is representing ( https://c212.net/c/link/?t=0&l=en&o=3427939-1&h=2796699652&u=https%3A%2F%2Fwww.investorlawyers.com%2Fblog%2Fraymond-james-copper-financial-northstar-bermuda-losses%2F&a=representing ) these investors in a New York FINRA arbitration hearing.
Two of the claimants are a married couple and did not want to take on unnecessary risks. Despite knowing this, their Raymond James broker recommended that they invest in Northstar Financial Services (Bermuda) – an obscure, offshore entity.
The third claimant also worked with a Raymond James broker and wanted to keep the risks as low as possible. At first, she thought that he worked for UNFCU because the advisor did not disclose that he was with the broker-dealer.
Again, her financial advisor recommended that she invest in Northstar (Bermuda) and encouraged her to buy even more of this investment.
These offshore products were risky and unsuitable for them given their investing profile, but all three investors were promised safe investment products, and great returns with minimal risk to principal. Raymond James brokers have marketed $45M of these annuities to UNFCU clients alone.
Even after it became obvious that Northstar (Bermuda) was in trouble ( https://c212.net/c/link/?t=0&l=en&o=3427939-1&h=2372442933&u=https%3A%2F%2Fwww.investorlawyers.com%2Fblog%2Fgreg-lindberg-sued-for-524m%2F&a=trouble ), Copper Financial, which had taken over the UNFCU contracts from Raymond James did not notify these customers about these issues. By the time these investors tried to get their money back when their contracts had expired, it was too late, and their funds were frozen.
Not only was Northstar (Bermuda) misrepresented to these investors, but also, the two broker-dealers failed to supervise their accounts and were negligent in their obligations to them.
SSEK Law Firm is representing dozens of Northstar (Bermuda) investors in FINRA arbitration claims against the broker-dealers responsible.
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SOURCE: Shepherd Smith Edwards & Kantas LLP