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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As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

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