In the Matter of Reliance Financial Advisors, et al. Admin. Proc. File No. 3-16311

On July 31, 2015, the Commission settled previously instituted proceedings (the “Order”) against Reliance Financial Advisors, LLC and Walter F. Grenda, Jr. (collectively, the “Respondents”). In the Order the Commission found that Grenda made (or used) false and misleading statements to his advisory clients at Reliance Financial in recommending and selling investments in a risky hedge fund – Prestige Wealth Management Fund, LP. The Commission ordered the Respondents to pay $25,000.00 in disgorgement, $2,410.91 in prejudgment interest, and a $50,000.00 civil money penalty, for a total of $77,411.00, to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty paid, along with the disgorgement and interest paid, can be distributed to harmed investors (the “Fair Fund”). See the Commission’s Order: Release No. 33-9872. 

The Fair Fund consists of the $74,460.50 paid by the Respondents, and any additional monies received from the Respondents, pursuant to the Order, will be added to the Fair Fund.

The Fair Fund has been deposited in an interest-bearing account at the United States Department of Treasury’s Bureau of Fiscal Service, and any accrued interest will be for the benefit of the Fair Fund.

On May 7, 2021, the Commission appointed Miller Kaplan Arase LLP as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-91793.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov