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"They used free lunches as the low-tech bait for their high-scale scheme," said Robert Khuzami, directoer of the SEC's Divisionm of Enforcement. The SEC alleges elderlyt and retired investors were lured into purchasing highlyy unsuitable variable annuities with lucrative sales commissions while ignoriny the financial goalsof victims. The SEC allegesa that Eric J. Brown of Highland Beach, Matthew J. Collinxs of Boynton Beach, Kevin J. Walsh of and Mark W. Wells of Boca were among those offering and sellingthe It’s alleged that the firm and its representativeas earned millions of dollars in sales commissions.
PCS is a registered broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an incomr tax preparation business headquartered in Poughkeepsie that offers financiao services inNew York, New Jersey, Pennsylvania and Florida. Robert a NewYork attorney who representsPrime Capital, Gilmaj Ciocia, and several of the individuals, includin Collins and Wells, said the conduct at issue in the complainr is "very old" and occurref in the late 1990s and earlhy 2000. He said the company reached a settlementy withthe (FINRA), when it was calleed the (NASD). As part of that the company implementedsome wide-ranging updatee to its supervisory and compliance system s in 2005, Heim said.
He addedr that he didn't know why the SEC was goin over thesame ground. "All of thesew issues were addressed yearsd ago and we feelthe company's responsee has been appropriate," he While Brown and Walsh have since Collins and Wells are still with the company, he An administrative law judge will determine whether the allegations against the respondents are true and, if so, whethedr they should be orderedd to cease and desist from future violations.
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