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"They used free lunches as the low-tech bait for theitr high-scale scheme," said Robert Khuzami, director of the SEC's Divisiobn of Enforcement. The SEC alleges elderlyt and retired investors were lured into purchasing highly unsuitable variablre annuities with lucrative sales commissions while ignoringt the financial goalsof victims. The SEC alleges that Eric J. Browj of Highland Beach, Matthew J. Collins of Boyntoh Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offering and sellinygthe annuities. It’s alleged that the firm and its representativee earned millions of dollars insales commissions.
PCS is a registerexd broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an incomw tax preparation business headquartered in Poughkeepsie that offersd financial services inNew York, New Jersey, Pennsylvania and Robert Heim, a NewYork attorney who representsx Prime Capital, Gilman Ciocia, and several of the including Collins and Wells, said the conduct at issue in the complaint is "very and occurred in the late 1990sx and early 2000.
He said the companyy reached a settlement withthe (FINRA), when it was called the As part of that agreement, the company implementefd some wide-ranging updates to its supervisoryg and compliance systems in 2005, Heim He added that he didn't know why the SEC was goinvg over the same "All of these issues were addressed years ago and we feel the company'xs response has been appropriate," he While Brown and Walsh have since left, Collins and Well s are still with the company, he An administrative law judge will determine whether the allegationxs against the respondents are true and, if so, whethefr they should be ordered to cease and desisg from future violations.
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