PR89580

TOKYO, May 19, 2021 /PRNewswire=KYODO JBN/ --

A Japanese Investor has filed a Financial Industry Regulatory Authority (FINRA)

arbitration claim against Unionbanc Investment Services and its

California-based broker, Asako Kanekiyo Thompson.

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The claimant suffered losses in an offshore fixed-rate investment contract from

Northstar Financial Services (Bermuda) that was recommended to him by Thompson.

The claimant, who used to live in the United States, was a customer of Union

Bank of California for a long time before he was contacted by its subsidiary,

Unionbanc Investments. The firm recommended that rather than merely invest his

money in checking and savings accounts, he invest in Northstar Financial

Services (Bermuda) (

https://c212.net/c/link/?t=0&l=en&o=3168171-1&h=3568508919&u=https%3A%2F%2Fwww.investorlawyers.com%2Fnorthstar-financial-services-bermuda.html&a=Northstar+Financial+Services+(Bermuda)

). Both the broker-dealer and Thompson reassured him that this investment was

safe and very low-risk.

Misrepresentations and omissions (

https://c212.net/c/link/?t=0&l=en&o=3168171-1&h=169436663&u=https%3A%2F%2Fwww.investorlawyers.com%2Fmisrepresentations-and-omissions.html&a=Misrepresentations+and+omissions

) were made to the claimant, who should not have been exposed to an offshore

product where he was getting a mere 1.5% interest rate especially when there

were more comparable, lower risk US-based investments available. The investment

was rolled over for many years, yet at no point did Unionbanc or Thompson

remedy their investment recommendation, which was a gross mistake. Not only

that, but there was a significant lack of supervision by the firm of its

broker. A competent supervisor would have never approved these trades.

The claimant proceeded to lose six figures in savings while the respondents

earned significant commissions and fees from Northstar (Bermuda) products.

Our Northstar Financial Services (Bermuda) attorneys at Shepherd Smith Edwards

and Kantas (SSEK Law Firm at investorlawyers.com) are representing this

claimant in his fight to recover up to $500K in damages. The arbitration

hearing will take place in Los Angeles, California.

Northstar Financial Services (Bermuda), which filed for bankruptcy protection

last year, is currently in liquidation. This is even more reason why you should

retain the services of an experienced broker fraud law firm that has the

resources and knowledge to pursue damages against the brokerage firms that sold

you this investment.

SSEK Law Firm is currently investigating Northstar Financial Services (Bermuda)

fraud cases against Truist Investment Services, J.P. Morgan Securities, Hancock

Whitney Investment Services and others.

Northstar Bermuda FAQs (English) (

https://c212.net/c/link/?t=0&l=en&o=3168171-1&h=1437757479&u=https%3A%2F%2Fwww.investorlawyers.com%2Fnorthstar-bermuda-faqs.html&a=Northstar+Bermuda+FAQs+(English)

)

Northstar Bermuda FAQs (Japanese) (

https://c212.net/c/link/?t=0&l=en&o=3168171-1&h=2155312082&u=https%3A%2F%2Fwww.investorlawyers.com%2Fnorthstar-bermuda-faqs-japanese.html&a=Northstar+Bermuda+FAQs+(Japanese)

)

Contact:

Kirk Smith

ksmith@sseklaw.com

US:+1 (800) 259-9010

International via WhatsApp (Text Only):+1 713-227-2400

SOURCE: Shepherd Smith Edwards & Kantas LLP