SEC Barred Advisor Fraud at IA

On Aug. 30, SEC charged IA for associating with barred advisor.

  • Charges against Buffalo advisory firm, Grenda Group, and owner Walter Grenda.

Alleged Violations

  • Investment advisor Walter Grenda was expecting negative result in investigation.
  • Grenda sold assets, including clients, to Grenda Group and son, Gregory Grenda.
  • After being barred in 2015, Grenda Snr. continued to associate at Grenda Group.
  • The firm’s offices were used by him to meet both prospective and current clients.
  • Grenda Jnr. allowed father to associate with the firm, did not disclose his barring.
  • When clients inquired about Walter Grendas status, made misleading statements.
  • Walter Grenda repeatedly impersonated son on calls with the firm’s broker-dealer.


  • Grenda Group and Gregory Grenda charged with fraud, and Walter Grenda aiding and abetting their fraud, the complaint seeks penalties and permanent injunctions.