Post by anenro on Dec 11, 2021 1:49:42 GMT 4
Statement on Jury’s Verdict in Trial of Gregory Grenda and the Grenda Group
Gurbir Grewal
Director, Division of Enforcement
Dec. 10, 2021
“We are pleased with today’s jury verdict holding investment advisers Gregory Grenda and the Grenda Group, LLC, liable for securities fraud. Investment advisers have a duty to disclose all material information to their clients and today’s verdict makes clear that Gregory Grenda and the Grenda Group did not meet this duty. Instead, they committed securities fraud by failing to tell their clients that the Commission had barred Grenda’s father, Walter Grenda, from associating with an investment adviser because of his fraudulent conduct at a predecessor firm. Rather than share this important fact with its clients so it could inform their investing decisions, Gregory Grenda and the Grenda Group kept it from them. Today’s verdict underscores that the Commission will take all steps necessary to enforce its orders and protect investors.”
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More information:
In July 2015, the Commission issued an Order barring Walter Grenda from associating with an investment adviser based on his fraudulent conduct at Reliance Financial Advisors, LLC. Walter Grenda settled the charges against him in this action in 2018 shortly after the Commission filed an action against him. This jury verdict follows the Court’s prior ruling that Gregory Grenda and the Grenda Group violated other provisions of the federal securities laws.
The SEC filed its civil complaint on August 30, 2018: www.sec.gov/news/press-release/2018-172
The SEC settled with Walter Grenda on December 20, 2018: www.sec.gov/enforce/ia-5080-s
The SEC barred Walter Grenda on July 31, 2015: Reliance Financial Advisors, LLC, et al. (sec.gov)
The Court granted the SEC’s motion for partial summary judgment on May 17, 2021: www.sec.gov/files/opinion-order-grenda-20211210.pdf
Gurbir Grewal
Director, Division of Enforcement
Dec. 10, 2021
“We are pleased with today’s jury verdict holding investment advisers Gregory Grenda and the Grenda Group, LLC, liable for securities fraud. Investment advisers have a duty to disclose all material information to their clients and today’s verdict makes clear that Gregory Grenda and the Grenda Group did not meet this duty. Instead, they committed securities fraud by failing to tell their clients that the Commission had barred Grenda’s father, Walter Grenda, from associating with an investment adviser because of his fraudulent conduct at a predecessor firm. Rather than share this important fact with its clients so it could inform their investing decisions, Gregory Grenda and the Grenda Group kept it from them. Today’s verdict underscores that the Commission will take all steps necessary to enforce its orders and protect investors.”
# # #
More information:
In July 2015, the Commission issued an Order barring Walter Grenda from associating with an investment adviser based on his fraudulent conduct at Reliance Financial Advisors, LLC. Walter Grenda settled the charges against him in this action in 2018 shortly after the Commission filed an action against him. This jury verdict follows the Court’s prior ruling that Gregory Grenda and the Grenda Group violated other provisions of the federal securities laws.
The SEC filed its civil complaint on August 30, 2018: www.sec.gov/news/press-release/2018-172
The SEC settled with Walter Grenda on December 20, 2018: www.sec.gov/enforce/ia-5080-s
The SEC barred Walter Grenda on July 31, 2015: Reliance Financial Advisors, LLC, et al. (sec.gov)
The Court granted the SEC’s motion for partial summary judgment on May 17, 2021: www.sec.gov/files/opinion-order-grenda-20211210.pdf