HONOLULU, June 10, 2021 /PRNewswire/ — A Japanese couple has filed an investor claim against Bank of Hawaii subsidiary, Bankoh Investment Services, Inc. for losses they suffered in Northstar Financial Services (Bermuda). The off-shore investment was recommended to them by broker Yoko Farias, who has been under scrutiny for some time for selling Northstar Financial Services (Bermuda) investment products to clients.
The claimants are an older couple who live in Japan where they set up a basic checking account at Bank of Hawaii’s branch in Tokyo. Despite the claimants’ stated desire not to get involved in anything risky or speculative, Farias overconcentrated over $200K of their funds in a Northstar Financial Services (Bermuda) short-term annuity which did not come with the same protections offered by US-based annuities.
Farias, who shared a cultural familiarity with the claimants, assured them that their investment was safe, even CD-like. Year after year, Bankoh Investment Services continued to roll over the investors’ one-year contract instead of rectifying the unsuitable recommendation, piling on the couple’s losses.
Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is representing these investors in their Northstar Financial Services (Bermuda) against Bankoh Investment Services. There were unsuitability issues with recommending this investment to the claimants from the start, and misrepresentations and omissions occurred. Not only that but there was a gross lack of supervision by Bankoh Investment Services of Farias and the couple’s account.
With 21 years in the industry, Yoko Farias has been with Bankoh since 2001. Based in Honolulu, Hawaii, she is also a registered investment adviser with Bankoh Advisors. Last year, Farias was named in another FINRA arbitration claim also by Japanese investors of Northstar Financial Services (Bermuda). They are seeking $900K in damages.
With Northstar’s reported $260M deficit, it is highly unlikely that investors will get back their money unless they file their own FINRA arbitration claim to recover damages.
We are working with claimants both in the United States and abroad whose US-based broker-dealer opted to recommend these Bermuda-based products. For more information about Northstar Financial Services (Bermuda), visit our FAQ page (Available in English, Spanish, and Japanese).
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