TAMPA, Fla., March 10, 2021 /PRNewswire/ — In a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services, Inc. (aka SunTrust Investment Services, Inc.), a retiree in Latin America is seeking up to $500K in damages. The claimant contends that her broker unsuitably recommended that she invest that amount in Northstar Financial Services (Bermuda) Ltd. The company filed for bankruptcy protection last year.
Truist is SunTrust Bank’s broker-dealer unit. The firm is registered with FINRA. Both entities’ agents heavily promoted Northstar Financial Services (Bermuda)’s fixed- and variable-rate annuity and investment products, which paid commissions, bonuses and other incentives that were greater than what the more typical SunTrust bank products offered.
The claimant is a retired investor who sought a safe haven for her assets in the United States. A long-term SunTrust Bank customer who also worked with a Truist broker, the investor did not want to take on any unnecessary risk. Most of her investments, including those linked to her Miami bank account, were in bank products and checking/savings accounts.
In 2018, her banker recommended that she invest half a million dollars in Northstar Financial Services (Bermuda). The entity is now under liquidation order by Bermuda’s government and is no longer solvent.
Now, the claimant is alleging misrepresentations, failure to supervise, negligence, breach of contract, abuse and exploitation of an elderly person, gross negligence, unjust enrichment, and other breaches of duty. A panel of FINRA arbitrators in Miami, Florida will hear her case.
At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our investment fraud lawyers are representing this retiree in her FINRA arbitration claim against Truist Investment Services, Inc.
We represent investors throughout the United States and abroad with securities fraud cases against broker-dealers and banks based in this country.
Toll Free: (800) 259-9010
Florida: (813) 560-2992
Kirk Smith [email protected]
SOURCE Shepherd Smith Edwards & Kantas LLP