Advisor Barred For Directing Unsophisticated Clients To Risky Hedge Fund

Posted on September 22nd, 2015 at 4:23 PM
Advisor Barred For Directing Unsophisticated Clients To Risky Hedge Fund

From the Desk of Jim Eccleston at Eccleston Law LLC:

Walter F. Grenda Jr., a broker located in New York, has been barred by the SEC for putting his retired clients in a risky hedge fund.

Grenda advised clients to invest in the Prestige Wealth Management Fund LP. The SEC noted that the fund was founded by two individuals who had no previous hedge fund management experience. Grenda purposely hidden this fact from his investors, according to the SEC.

Grenda convinced 23 clients to invest $8 million in the fund. Many of the clients were Grenda’s long-time clients. The fund collapsed in December 2012, having lost 80 percent of its value.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, SEC, Securities Exchange Commission, Prestige Wealth Management Fund LP,

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I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.


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