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"They used free lunches as the low-tech bait for their high-scale said Robert Khuzami, director of the SEC's Division of Enforcement. The SEC alleges elderly and retirer investors were lured into purchasintg highly unsuitable variable annuities with lucrativer sales commissions while ignoring the financiao goalsof victims. The SEC alleges that Eric J. Browh of Highland Beach, Matthew J. Collins of Boyntomn Beach, Kevin J. Walsh of Viera, and Mark W. Wellsx of Boca Raton, were among those offering and sellingthe annuities. It’s alleged that the firm and its representativez earned millions of dollars insales commissions.
PCS is a registeresd broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparatioh business headquartered in Poughkeepsid that offers financial services inNew York, New Pennsylvania and Florida. Robertt Heim, a NewYork attorney who representsPrims Capital, Gilman Ciocia, and several of the including Collins and Wells, said the conduct at issuew in the complaint is "very old" and occurred in the late 1990 s and early 2000. He said the company reache d a settlement withthe (FINRA), when it was called the (NASD).
As part of that the company implementedsome wide-ranging updates to its supervisorgy and compliance systems in 2005, Heim He added that he didn't know why the SEC was goingf over the same ground. "All of these issues were addressed years ago and we feelthe company'd response has been he said. While Brown and Walshn have since left, Collins and Wells are stillk withthe company, he An administrative law judge will determinew whether the allegations against the respondents are true and, if so, whethefr they should be ordered to cease and desist from futurew violations.
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