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NEWSLETTERS & ALERTS
Buffalo, NY Adviser is Barred, With Firm and Son Caught in SEC Crosshairs
by Howard Haykin
In July 2015, the SEC barred Walter Glenda, Jr., from associating with any investment adviser - with the right to reapply after 3 years. In December 2018, the SEC made that bar permanent, with no right to reapply. Glenda was also ordered to pay a $25K fine. Following the SEC order in 2015, Walter Grenda continued to associate with Grenda Group, LLC - an entity he and his son, Gregory Grenda, formed in part to replace his previous investment advisory business, Reliance Financial Advisors, LLC.
Among other things, Grenda …
- met with a prospective client and current clients in Grenda Group's offices;
- made discretionary changes to clients' investment accounts; and,
- repeatedly impersonated his son on telephone calls to the firm's broker-dealer, after which the broker-dealer terminated its relationship with Grenda Group.
FIRM AND SON ARE ALSO IN SEC CROSSHAIRS. In August 2018, the SEC filed charges against Grenda Group and son Gregory Grenda,charging both with aiding and abetting Walter Grenda's efforts to continue his association with the investment advisory business. [SEC Litigation Release]
In addition to permitting Walter Grenda to associate with the firm, they:
- failed to disclose his bar to their clients;
- made misleading statements to clients who inquired about Walter Grenda's bar; and,
- made misleading statements to clients and failed to disclose material facts about the broker-dealer’s termination of its relationship with Grenda Group.