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

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"They used free lunches as the low-techy bait for their high-scale scheme," said Roberrt Khuzami, director of the SEC'xs Division of Enforcement. The SEC allegew elderly and retired investorsz were lured into purchasing highlg unsuitable variable annuities with lucrative sales commissions whilre ignoring the financial goalsof victims. The SEC allegee that Eric J. Brown of Highland Matthew J. Collins of Boyntohn Beach, Kevin J. Walsh of Viera, and Mark W.
Wells of Boca Raton, were amongt those offering and sellingthe It’s alleged that the firm and its representatives earnex millions of dollars in sales PCS is a registered broker-dealee and wholly-owned subsidiary of Gilman Ciocia, an incomwe tax preparation business headquartered in Poughkeepsie that offers financial services in New York, New Pennsylvania and Florida. Robert Heim, a NewYork attorney who representsePrime Capital, Gilman and several of the individuals, including Collins and Wells, said the conducty at issue in the complaint is "very and occurred in the late 1990s and earlyg 2000.
He said the company reached a settlemenyt withthe (FINRA), when it was called the As part of that the company implemented some wide-ranginbg updates to its supervisory and compliance systems in 2005, Heim He added that he didn't know why the SEC was goint over the same "All of these issues were addressexd years ago and we feel the company's responser has been appropriate," he said. Whiles Brown and Walsh have since left, Collins and Wellse are still withthe company, he said. An administrative law judger will determine whether the allegations againsty the respondents aretrue and, if so, whether they shouldd be ordered to cease and desist from futur violations.