Corinthian Partners Settles for Failure to Supervise VICTORIA VANDYKE
Have you lost money investing with Corinthian Partners in ETFs and ETNs?
We are looking into allegations made against Corinthian Partners, LLC., a New York, New York-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Corinthian Partners making allegations that it failed to supervise the sales of non-traditional ETFs (exchange traded funds) and ETNs (exchange traded notes), including inverse ETFs or leveraged ETFs and failure to supervise their advisor, Victoria Vandyke.
FINRA alleged that Corinthian Partners failed to have procedures in place to adequately supervise the sales of inverse and leveraged ETFs and ETNs, between January 2013 to May 2016. In particular, former Corinthian representative Victoria Vandyke was the sole representative who sole these types of ETFs and ETNs. Vandyke was alleged to have sold $275 million of ETFs and ETNs and earned $890,000 in commissions. FINRA alleged that these investments were not suitable for certain customers. To settle these allegations, Corinthian Partners agreed to pay a $30,000, and two of its executives also paid $10,000 each.
ETFs (or Exchange Traded Funds) have become increasingly popular over the last 20 years. ETFs are typically used to track and replicate the performance of an index, such as the S&P 500, the Russell 2000, or the Dow Jones. ETFs are popular, because investors can invest in a basket of securities that provides diversification but with the simplicity of being a single stock.
Many companies have also created leveraged or inverse ETFs. However, inverse and leveraged ETFs are often misused, by retail investors and even financial advisors. The regulators and others have long-warned the securities industry about the dangers of inverse and leveraged ETFs. These are designed to be day-trading vehicles, but often financial advisors recommend holding these ETFs in an investor’s accounts for weeks or even months.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.
Click to view: Victoria Vandyke BrokerCheck
Click to view: Corinthian Partners FINRA AWC
If you invested in ETFs or ETNs through Victoria Vandyke or Corinthian Partners, please CONTACT US at 720-599-3505 for a free case evaluation.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.