The investment being safe, secure, and liquid and the freedom to withdraw whenever required, minus a small surrender fee, were the assurances provided by broker Maria Florencia Calcena, then a registered representative of Ocean Financial Services, based on which $245K was invested by a former client in a product from Northstar Financial Services (Bermuda) Ltd., a brokerage firm.
The customer, unable to withdraw any part of the investment, has sought $245K in damages in a claim alleging breach of fiduciary duty and negligence, apart from a violation of Florida’s Investor Protection Act. The claim names Calcena, of Palm Beach, Florida. According to her BrokerCheck record, Calcena has been an Infinex Investments broker since 2020, prior to which she was a broker with Ocean Financial, from 2014 onwards.
About Northstar Financial Services (Bermuda) Ltd.
Northstar Financial Services (Bermuda) Ltd. is currently in provisional liquidation, having filed for bankruptcy. Investors are likely to lose most, if not all, of their investments.
In a case of suspected unsuitable recommendations, Northstar products were marketed to customers as stable, CD-like, or money market-like, with similarly low risk, by financial advisors from not only Ocean Financial Services, but also Truist Investment Services, SunTrust Bank’s brokerage unit, as well as Bank of Hawaii’s Bankoh Investment Services.
Bermuda-based investments are a draw for investors because of their tax-haven status. Northstar Financial Services (Bermuda) products offered as safe, annuity-like insurance products with fixed and variable rates include:
- Global Index Product
- Global Advantage Select
- Global Advantage Plus Series
- Global VIP Elite
Northstar was acquired by Global Bankers in 2018 whose owner Greg Lindberg was convicted of attempted bribery and corruption in 2020. It seems that money from Northstar has been funneled out for his personal benefit, as has been the case with other companies under his control.
Guidance to Northstar Investors
Losses sustained by customers as a result of dealings with former Ocean Financial Services stockbroker, Maria Calcena, and others, who marketed and sold Northstar Financial Services (Bermuda) investments to clients, are being investigated by the broker fraud lawyers at Haselkorn & Thibaut, P.A.
Haselkorn & Thibaut is also actively investigating customer losses arising out of investments in Northstar Financial Services (Bermuda).
Recently a 500K arbitration claim has recently been filed against Truist Investment Services, on behalf of a Latin America-based retiree who has claimed that he was never made aware of the attendant risks.
If you suspect that you have suffered losses as a result of investing in Northstar products, contact our experienced investor fraud lawyers so that we can help you explore your legal options. Call us at 1-800-856-3352 or contact us using our online form.