Soreide Law Group is currently investigating the sale of a hedge fund, Prestige Wealth Management Fund LP, by two brokers recently barred by FINRA:
TIMOTHY S. DEMBSKI (CRD# 2575882)
WALTER F. GRENDA JR (CRD# 722911)
On February 11, 2016, the Financial Industry Regulatory Authority (FINRA) announced that it had barred two Buffalo, New York-based brokers from the securities industry for fraud in connection with the sale of a hedge fund, the Prestige Wealth Management Fund LP.
Both of the brokers had been employed by Mid Atlantic Capital Corporation when the alleged fraud had occurred.
According to FINRA's investigation, allegedly Timothy S. Dembski and Walter F. Grenda, Jr., made material misrepresentations and omissions which lead investors to believe that the hedge fund was a growth fund that was based on a computer algorithm. The clients were also allegedly lead to believe that through the computer algorithm, risk protections and stop-losses were included which would limit their losses in Prestige Wealth Management Fund.
In fact, the fund, according to FINRA was highly speculative and the fund's chief investment officer had complete control over the investments made, and not obligated to follow the computer algorithm. Prestige Wealth Management, in the last full month that it traded, lost over 80% of its value.
The two brokers, Grenda and Dembski, according to FINRA distributed a private placement memorandum (PPM) which they allegedly knew contained misrepresentations regarding the chief investment officer's professional experience. The PPM stated that the officer had worked in the financial industry for over 14 years and co-managed a portfolio of over $500 million and was a vice president of investments in a New York company, all which according to FINRA were false.
Both of the barred brokers were employed by, Mid Atlantic Capital Corporation which has a duty to it's clients to supervise it's registered representatives. If you were an investor with Timothy S. Dembski or Walter F. Grenda in the Prestige Wealth Management Fund, call Soreide Law Group for a consultation on the possibility of recovering your devastating losses at: 888-760-6552.
For more information visit: http://www.SecuritiesLawyer.com.
Representing defrauded investors nationwide. No fee unless we recover your money. We advance all costs.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.