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"They used free lunches as the low-techu bait for their high-scale said Robert Khuzami, director of the SEC's Divisiojn of Enforcement. The SEC alleges elderly and retiredf investors were lured into purchasing highly unsuitable variablwe annuities with lucrative sales commissions whil ignoring the financial goals of The SEC alleges thatEric J. Brownb of Highland Beach, Matthewq J. Collins of Boyntojn Beach, Kevin J. Walsjh of Viera, and Mark W. Well s of Boca Raton, were among those offering and selling the annuities. It’s alleged that the firm and its representativew earned millions of dollars insales commissions.
PCS is a registerefd broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparatiob business headquartered in Poughkeepsie that offers financial services in New New Jersey, Pennsylvania and Florida. Robertg Heim, a NewYork attorney who representsPrime Capital, Gilmab Ciocia, and several of the including Collins and Wells, said the conduct at issue in the complaing is "very old" and occurred in the late 1990s and earlyy 2000.
He said the company reached a settlement withthe (FINRA), when it was called the As part of that agreement, the companty implemented some wide-ranging updates to its supervisoryh and compliance systems in 2005, Heim He added that he didn'ty know why the SEC was going over the same ground. "All of thes e issues were addressed years ago and we feelthe company'es response has been he said. While Brown and Walsu have since left, Collins and Wells are stil l withthe company, he said. An administrative law judgee will determine whether the allegations againstf the respondents aretrue and, if so, whethefr they should be ordered to cease and desist from future violations.
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