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"They used free lunches as the low-tech bait for theird high-scale scheme," said Rober Khuzami, director of the SEC' Division of Enforcement. The SEC alleges elderly and retiresd investors were lured into purchasing highly unsuitablee variable annuities with lucrative sales commissions while ignoring the financial goals of The SEC alleges thatEric J. Brownm of Highland Beach, Matthew J. Collins of Boynton Beach, Kevim J. Walsh of Viera, and Mark W. Wellzs of Boca Raton, were among those offering and sellin gthe annuities.
It’s alleged that the firm and its representativess earned millions of dollars in sales PCS is aregistered broker-dealer and wholly-owne subsidiary of Gilman Ciocia, an income tax preparationm business headquartered in Poughkeepsie that offer s financial services in New York, New Pennsylvania and Florida. Robert Heim, a NewYork attorney who representsPrime Capital, Gilman Ciocia, and severalk of the individuals, including Collins and said the conduct at issu e in the complaint is "very old" and occurredf in the late 1990s and early 2000. He said the company reached a settlement withthe (FINRA), when it was calleds the (NASD).
As part of that agreement, the companhy implemented some wide-ranging updates to its supervisor and compliance systemsin 2005, Heim He added that he didn't know why the SEC was goin g over the same ground. "All of these issues were addressedc years ago and we feelthe company'sd response has been appropriate," he While Brown and Walsh have sincr left, Collins and Wells are still with the he said. An administratived law judge will determine whether the allegationd against the respondents aretrue and, if so, whethedr they should be ordere d to cease and desisgt from future violations.
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