UNFCU Clients Pursue Six-Figure Northstar Financial Services (Bermuda) Claim Against Raymond James & Copper Financial
PR94324
NEW YORK, Feb. 1, 2022 /PRNewswire=KYODO JBN/ --
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) (
) 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 (
) 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 (
), 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.
Contact:
US: +1-(800)-259-9010
Internationally: WhatsApp (text only): +1-(713)-227-2400
Northstar Bermuda FAQs
(
)
SOURCE: Shepherd Smith Edwards & Kantas LLP
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