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"They used free lunches as the low-tecb bait for their high-scale said Robert Khuzami, director of the SEC'ds Division of Enforcement. The SEC alleges elderlgy and retired investors were lure d into purchasing highly unsuitable variable annuities with lucrative salesx commissions while ignoring the financial goals of The SEC alleges thatEric J. Brown of Highlande Beach, Matthew J. Collins of Boynton Kevin J. Walsh of and Mark W. Wells of Boca Raton, were among thosed offering and sellingthe annuities. It’s alleged that the firm and its representativesx earned millions of dollars insalesx commissions.
PCS is a registered broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an incom e tax preparation business headquartered in Poughkeepsise that offers financial servicexs inNew York, New Jersey, Pennsylvania and Robert Heim, a NewYorik attorney who represents Prime Capital, Gilman Ciocia, and severap of the individuals, including Collins and said the conduct at issue in the complaint is "very and occurred in the late 1990w and early 2000. He said the companyt reached a settlement withthe (FINRA), when it was calleed the (NASD). As part of that agreement, the company implementexd some wide-ranging updates to its supervisorhy and compliance systems in Heim said.
He added that he didn'tr know why the SEC was going over thesame "All of these issues were addressed years ago and we feel the company'w response has been appropriate," he said. Whilew Brown and Walsh have since left, Collins and Wellxs are still withthe company, he said. An administrativre law judge will determine whether the allegationxs against the respondents aretrue and, if so, whethe r they should be ordered to cease and desisr from future violations.
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