Japanese Customers of Bankoh Investment Services Broker Yoko Farias Suffer Six-Figure Northstar Financial Services (Bermuda) Losses
PR90020
HONOLULU, June 10, 2021 /PRNewswire=KYODO JBN/ --
A Japanese couple has filed an investor claim against Bank of Hawaii
subsidiary, Bankoh Investment Services, Inc. for losses they suffered in
Northstar Financial Services (Bermuda) [
https://www.investorlawyers.com/northstar-financial-services-bermuda.html ].
The off-shore investment was recommended to them by broker Yoko Farias, who has
been under scrutiny for some time for selling Northstar Financial Services
(Bermuda) investment products to clients.
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The claimants are an older couple who live in Japan where they set up a basic
checking account at Bank of Hawaii's branch in Tokyo. Despite the claimants'
stated desire not to get involved in anything risky or speculative, Farias
overconcentrated over $200K of their funds in a Northstar Financial Services
(Bermuda) short-term annuity which did not come with the same protections
offered by US-based annuities.
Farias, who shared a cultural familiarity with the claimants, assured them that
their investment was safe, even CD-like. Year after year, Bankoh Investment
Services continued to roll over the investors' one-year contract instead of
rectifying the unsuitable recommendation, piling on the couple's losses.
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is
representing these investors in their Northstar Financial Services (Bermuda)
against Bankoh Investment Services. There were unsuitability issues [
] with recommending this investment to the claimants from the start, and
misrepresentations and omissions occurred. Not only that but there was a gross
lack of supervision by Bankoh Investment Services of Farias and the couple's
account.
With 21 years in the industry, Yoko Farias has been with Bankoh since 2001.
Based in Honolulu, Hawaii, she is also a registered investment adviser with
Bankoh Advisors. Last year, Farias was named in another FINRA arbitration claim
[
] also by Japanese investors of Northstar Financial Services (Bermuda). They
are seeking $900K in damages.
With Northstar's reported $260M deficit, it is highly unlikely that investors
will get back their money unless they file their own FINRA arbitration claim to
recover damages.
We are working with claimants both in the United States and abroad whose
US-based broker-dealer opted to recommend these Bermuda-based products. For
more information about Northstar Financial Services (Bermuda), visit our FAQ
page (Available in English [
] , Spanish [
] , and Japanese [
] ).
Contact:
Kirk Smith, ksmith@sseklaw.com
Toll-Free: (800) 259-9010
Internationally via text through WhatsApp: (713)-227-2400
SOURCE Shepherd Smith Edwards & Kantas LLP
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