Former SunTrust Advisor Involved in Complaint over Northstar Financial
Stephen Berrocal (CRD #: 3071400), a broker registered with Truist Investment Services, is involved in multiple disputes concerning Northstar, according to his BrokerCheck record, accessed on November 24, 2021.
Northstar Financial Services (Bermuda) Ltd.
According to FINRA, investors filed various complaints involving the suitability of Northstar Financial Services (Bermuda) Ltd. FINRA defines “suitable” investments as investments that fit an investor’s profile. Investor profiles include factors like age, risk tolerance, and financial goals. Here is a summary of the complaints:
- On October 5, 2021, an investor filed an arbitration seeking $500,000.
- On April 26, 2021, an investor filed an arbitration seeking $430,000.
- On March 17, 2021, an investor alleged that Stephen Berrocal recommended unsuitable investments. The investor is seeking $626,111.68; the dispute is pending.
- On September 9, 2020, an investor alleged that Berrocal recommended unsuitable investments. The investor is seeking $500,000; the dispute is pending.
Stephen Berrocal Previously Registered with SunTrust
Stephen Berrocal has passed the Series 66 Uniform Combined State Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 7 General Securities Representative Examination, and the Series 6 Investment Company Products / Variable Contracts Representative Examination. He is a registered broker in eight states and a registered investment adviser in Florida.
Stephen Berrocal has worked for the following firms:
- SunTrust Investment Services (CRD #: 17499)
- J.P. Morgan Securities (CRD #: 79)
- Chase Investment Services (CRD #: 25574)
- Wells Fargo (CRD#: 19616)
- A.G. Edwards & Sons (CRD #: 4)
- Sterling Financial Investment Group Inc. (CRD #: 41506)