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Update on Former MACC Broker Walter Francis Grenda, Jr.

On February 3, 2016, FINRA filed an order accepting offer of settlement. Walter Francis Grenda, Jr. has been barred from associating with any FINRA member in any capacity. 

FINRA recently accepted an offer of settlement in the case of former broker Walter Francis Grenda, Jr. (CRD# 722911). In September 2015, we reportedthat we were investigating allegations against Grenda after the Securities and Exchange Commission (SEC) instituted cease-and-desist proceedings against him and the company he jointly owned.

According to the SEC, Grenda, while registered with Mid Atlantic Capital Corporation (MACC), allegedly made false and misleading statements to his clients in recommending and selling investments in the risky hedge fund Prestige Wealth Management Fund (Prestige). The SEC also accused Grenda of selling to clients who were retired, close to retirement, and had little-to-no investment knowledge.

Walter Grenda Timeline: Important Dates

  • June 13, 1995 – Grenda first becomes registered with FINRA.
  • November 2010 – Grenda forms Reliance Financial Advisors.
  • September 2, 2011 – Grenda becomes registered through MACC.
  • March 1, 2012 through September 1, 2012 – FINRA alleges that Grenda has fraudulently induced some of his customers to invest in Prestige.
  • December 2012 – Prestige Fund loses over 80% of its value.
  • July 31, 2013 – Grenda is voluntarily resigned from MACC.
  • December 10, 2014 – The SEC institutes a cease-and-desist proceeding against Grenda and Reliance Financial Advisors.

In light of FINRA’s acceptance of the offer of settlement, Grenda has officially been barred from association with any FINRA member in any capacity.

If you or someone you know invested with Walter Francis Grenda, Jr. and lost money, we invite you to contact our securities fraud attorneys. Meyer Wilson is a firm dedicated to helping investors recover their losses caused by misconduct. Submit a free case evaluation online, or call us at (800) 738-1960.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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