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