SSEK Law Firm Represents Beechwood Bermuda Investor in $500K FINRA Arbitration Claim Against Cetera and Broker Leo Li-Yuan Chien
PR95220
BEIJING, March 30, 2022 /PRNewswire=KYODO JBN/ --
Another Chinese investor has filed a Financial Industry Regulatory Authority
(FINRA) arbitration claim against Cetera Investment Services over losses
suffered in Beechwood Bermuda (
) (a Northstar Financial Services (Bermuda)-related product). Full story here (
).
Logo -
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This investor also suffered investment losses in the non-traded real estate
investment trust (
), Healthcare Trust Incorporated (HTIA). The claimant alleges negligence,
unsuitability, poor supervision, and concentration, among other claims, and is
seeking up to $500K in damages.
Beechwood Bermuda, formerly known as PB Life and Old Mutual (Bermuda), is now
Beechwood Omnia. The company is a division of Northstar Financial Services
(Bermuda) which, in 2018, was acquired by Global Bankers and billionaire owner
Greg Lindberg. Lindberg was indicted on criminal charges in 2019 and convicted
of wire fraud and bribery in 2020.
Our investment lawyers represent this Beijing investor and dozens of other
investors of Northstar products to recoup their losses.
Beijing Investor is Also Alleging Misrepresentations and Omissions
Cetera broker Leo Li-Yuan Chien (
) recommended that the claimant invest $350K of his savings in Beechwood
Bermuda, which is now defunct, and $200K in Healthcare Trust, which is in
financial trouble.
Unfortunately, Cetera did not adequately disclose the risks involved in both
investments to the investor. This included, regarding Northstar (Bermuda), in
particular:
-- This was an unrated product.
-- Statutory financial statements, compliance declarations, and capital and
solvency returns were not filed at the end of 2018 and 2019.
-- Lindberg was indicted in 2019.
Healthcare Trust was also unsuitable and too risky for this Chinese investor.
Cetera essentially 100% concentrated his funds in risky products even though
better-rated, more protected comparable investments were available.
Cetera Investment Services also routinely assured this investor that all was
well, and no changes needed to be made to his investments, even as Northstar
(Bermuda) and Healthcare Trust were experiencing financial woes.
SSEK Law Firm represents investors from Asia, the Caribbean, and Latin and
Central America in pursuing their financial recovery for losses in Northstar
Financial Services (Bermuda) and its related entities.
Contact:
US: (800) 259-9010
Internationally WhatsApp (text): 712-227-2400
List of Northstar (Bermuda), Beechwood Bermuda/Old Mutual (Bermuda)/Omnia, and
PB Investment Holdings products. (
https://c212.net/c/link/?t=0&l=en&o=3487705-1&h=4256789418&u=https%3A%2F%2Fwww.investorlawyers.com%2Fnorthstar-financial-services-bermuda.html&a=List+of+Northstar+(Bermuda)%2C+Beechwood+Bermuda%2FOld+Mutual+(Bermuda)%2FOmnia%2C+and+PB+Investment+Holdings+products
)
Northstar (Bermuda) FAQs (
)
(
)
Northstar Bermuda (
)
Northstar Bermuda Preguntas Frecuentes (
)
SOURCE: Shepherd Smith Edwards & Kantas LLP
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