Timothy Dembski, Walter Grenda Investigated by Securities Lawyers in Connection with Scott Stephan’s Prestige Wealth Management Fund

stockbroker fraud attorney

The Peiffer Rosca Wolf investment recovery lawyers are currently investigating the case of Timothy S. Dembski and Walter F. Grenda Jr., co-owners of Reliance Financial Advisors.

The duo allegedly guided their clients to invest their hard earned cash into a risky hedge fund, Prestige Wealth Management Fund, operated by one Scott M. Stephan, a man whose hedge experience was paltry in comparison to what Dembski and Grenda Jr. had claimed, according to SEC documents currently being reviewed by attorneys Alan Rosca and Joe Peiffer.

In fact, said SEC documents further allege that Dembski and Grenda not only knew that Stephan had almost no hedge fund investing experience, he basically had no financial expertise whatsoever, and had spent the majority of his working life collecting on past-due car loans.

Attorneys Alan Rosca and Joe Peiffer are further looking into the SEC documents which state that Dembski and Grenda allegedly recommended Prestige Wealth to clients who were on a pension, near retirement, or living on fixed incomes, and that Prestige Wealth’s trading strategy was allegedly described to investors as “fully automated by an algorithm purportedly sought by big banks.”

The kicker is that this supposedly amazing algorithm actually worked as if it were run by a man who had been collecting on past-due car loans, and, in the end, Stephan allegedly started entering trades manually, and the hedge fund collapsed like a pack of cards, according to SEC documents under review  by attorneys Joe Peiffer and Alan Rosca.

Investment Recovery Lawyers Investigating

The Peiffer Rosca Wolf investment recovery attorneys often represent investors who lose money as a result of investment misconduct. They are currently investigating the sale of Prestige Wealth shares by Reliance Financial Advisors, and the possibility of assisting any investors with the recovery of any losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Any Investors who believe they lost money as a result of alleged misinformation regarding the sale of Prestige Wealth shares by Reliance Financial Advisors may contact the investment rights attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Timothy S. Dembski

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Broker: Walter F. Grenda

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1157 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.