UNFCU Clients Sue Six-Figure Northstar Financial Services (Bermuda) Claim Against Raymond James & Copper Financial |

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NEW YORK, February 1, 2022 /PRNewswire/ — Three investors have filed for FINRA arbitration 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 mismatch, over-concentration and more.

The applicants, who are foreign nationals who worked for the United Nations based in United Statesask until $500,000 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 are representing these investors at a FINRA arbitration hearing in New York.

Two of the applicants are a married couple and did not want to take unnecessary risks. Although they know it, their Raymond James broker recommended that they invest in Northstar Financial Services (Bermuda) – an obscure offshore entity.

The third provider also worked with a Raymond James broker and wanted to keep the risks as low as possible. At first, she thought he was working for UNFCU because the counselor hadn’t revealed he was with the broker.

Again, his financial advisor recommended that he invest in Northstar (Bermuda) and encouraged her to buy even more of that investment.

These offshore products were risky and not suitable for them given their investor profile, but the three investors were promised safe investment products and excellent returns with minimal principal risk. Raymond James brokers marketed $45 million of these annuities to UNFCU clients only.

Even after it became apparent that Northstar (Bermuda) was struggling, Copper Financial, which had taken over UNFCU contracts from Raymond James did not inform these customers of these problems. 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 Northstar (Bermuda) made false statements to these investors, but also, the two brokers failed to monitor their accounts and breached their obligations to them.

SSEK Law Firm represents dozens of Northstar (Bermuda) investors in FINRA arbitration claims against responsible brokers.

Contact:

USA: (800) 259-9010

International: WhatsApp (text only): (713) 227-2400

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SOURCE Shepherd Smith Edwards & Kantas LLP

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