- June 23, 2021
- Northstar Financial Services
Robin Platt (CRD#: 2584058) is a dually registered Broker and Investment Advisor at Hancock Whitney Investment Services, Inc. in Mandeville, LA. She entered the securities industry in 1998 and previously worked for Allstate Financial Advisors, LLC; PNC Investments; RBC Capital Markets, LLC; Wells Fargo Advisors, LLC; Suntrust Securities, Inc., and A.G. Edwards & Sons, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2021, a customer dispute was filed against Robin Platt, requesting damages of $1.25 million. The allegation states, “The customer alleges that the NorthStar annuities that were recommended for him in 2016 were unsuitable and that certain information regarding NorthStar’s products was misrepresented. The Firm and the Advisor dispute these allegations and note that any issues concerning NorthStar’s ability to meet its contractual obligations arose after the sale of the annuities and were caused entirely by the actions and misconduct/mismanagement of new NorthStar ownership.” The customer dispute is pending.
In addition, Robin Platt has been the subject of another customer dispute, including the following:
● June 2017–”Client claims that his former financial advisor represented that a variable annuity he purchased would produce a fixed 7% rate of return over seven years.” The customer dispute was denied.
● May 2013–Bankruptcy was discharged.
● November 2012–A financial disclosure described as a compromise was satisfied/released.
For a copy of Robin Platt’s FINRA BrokerCheck, click here.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her annuity investment losses.
Northstar Financial Services (Bermuda) Ltd. offered multiple investment products, including variable- and fixed-rate annuities. These products were allegedly marketed to investors as low-risk investments that could offer tax benefits in excess of those typically available in the U.S., making them especially attractive to American investors. According to some investors, these products were likened to money market account equivalents, which are generally considered to be relatively conservative investments with high liquidity.
It’s alleged that the investment products developed by Northstar Financial Solutions (Bermuda) Ltd carried a greater risk than suggested, making them inappropriate for broker-dealer firms to offer to some investors. In addition, because of its relationship with Gary Lindberg–recently convicted of public corruption and bribery– and his company Global Growth, Northstar Financial Solutions (Bermuda) Ltd. products should have raised red flags through broker-dealers’ customary due diligence practices. This could leave broker-dealers open to potential liability when it comes to covering investors’ losses with Northstar Financial Solutions (Bermuda) Ltd. investment products via class action through FINRA arbitration.
Northstar Financial Services (Bermuda) Ltd. filed for bankruptcy in Bermuda in 2020. A Bermudan court denied the company’s request for an extension to complete restructuring in March 2021, making liquidation of the company likely. While monthly payments to investors have already stopped, investors are now unlikely to get their principal back from the company as a result of this development. These investments are illiquid and cannot be surrendered, so not only do investors lose future potential gains but they’ve lost everything they’ve put into these products so far.
The Wolper Law Firm is currently investigating claims on behalf of investors who were sold interests in Northstar Financial Services (Bermuda), Ltd. If you are an impacted investor, and have suffered losses, please contact the Wolper Law Firm for a free, confidential consultation.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.