National investment fraud lawyers KlaymanToskes is investigating Cetera Investment Advisors LLC brokers Xinxin Lu (CRD# 6270026), also known as Stella Lu, and Leo Li-Yuan Chien (CRD# 4169619), after both brokers have been named in separate Beechwood Bermuda investor complaints.
Xinxin Lu (CRD# 6270026), also known as Stella Lu, has one pending customer complaint according to her FINRA Brokercheck Report. The complaint includes allegations of overconcentration and unsuitable off-shore investments that resulted in losses between $1 million and $5 million. These clients were Chinese nationals who had low risk tolerance and requested their principal be guaranteed. Instead, Cetera and Lu allegedly overconcentrated their investments in Beechwood Bermuda and did not disclose the risk or the number of issues faced by the investment. After leaving Cetera, Lu was also briefly associated with Transamerica Financial Advisors in 2019.
According to his FINRA Brokercheck Report, Leo Li-Yuan Chien has four investor complaints filed against him. One of these complaints has been settled for $170,000 in favor of the investors and alleges unsuitable investment recommendations. Two complaints against the broker are pending. The second complaint includes allegations of unsuitable Real Estate Security investment recommendations which resulted in losses of $100,000. The third complaint alleges unsuitable investment recommendations in the Real Estate Investment Trust (REIT) Healthcare Trust Inc (HTIA), which resulted in losses between $100,000 and $500,000. Chien is currently registered with Cetera’s San Gabriel, CA branch.
Beechwood Bermuda, formerly known as PB Life and Old Mutual (also doing business as Beechwood Omnia), is a division of Northstar Financial Services (Bermuda). These entities are now defunct. In 2018, Northstar Financial Services was acquired by Greg Lindberg, who is currently serving up to seven years in prison for wire fraud and bribery after being convicted in October 2020. Lindberg allegedly funneled funds from his other insurance and annuity companies to Northstar and Beechwood Bermuda.
Cetera Financial Services allegedly failed to inform its investors of the risks involved in Northstar, Beechwood Bermuda, and Healthcare Trust Inc. (HTIA). In one of the complaints, Leo Yi-Yuan Chien allegedly over concentrated nearly all of the client’s funds into risky and unsuitable investments despite the investor stating that he had low risk tolerance and wanted his principal guaranteed.
If you suffered significant investment losses in Beechwood Bermuda, Northstar Financial Services, or Healthcare Trust Inc. (HTIA), and/or with Leo Li-Yuan Chien, Xinxin Lu (Stella Lu), Cetera Investment Services LLC, you are encouraged to contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com