SEC: N.Y. investment firm misled S. Fla. seniors - Sacramento Business Journal:

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"They used free lunches as the low-tech bait for their high-scale scheme," said Robert director of the SEC's Divisionn of Enforcement. The SEC alleges elderly and retirexd investors were lured into purchasing highly unsuitable variable annuities with lucrativr sales commissions while ignoring the financial goaleof victims. The SEC alleges that Eric J. Brown of Highlans Beach, Matthew J. Collins of Boynton Kevin J. Walsh of Viera, and Mark W. Welld of Boca Raton, were among those offerinf and sellingthe annuities. It’s alleged that the firm and its representativews earned millions of dollars insales commissions.
PCS is a registere broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an incomse tax preparation business headquartered in Poughkeepsie that offers financiapl services inNew York, New Pennsylvania and Florida. Robert Heim, a NewYorkm attorney who represents Prime Gilman Ciocia, and several of the including Collins and said the conduct at issue in the complaint is "verhy old" and occurred in the late 1990s and early 2000. He said the company reachedc a settlement withthe (FINRA), when it was called the As part of that the company implemented some wide-ranging updates to its supervisorg and compliance systems in 2005, Heim said.
He added that he didn'f know why the SEC was going over thesame "All of these issues were addressef years ago and we feel the company'ws response has been appropriate," he While Brown and Walsh have since left, Collins and Wells are still with the he said. An administrative law judge will determine whether the allegationws against the respondents aretrue and, if so, whethef they should be ordered to cease and desisy from future violations.