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"They used free lunchesd as the low-tech bait for their high-scalew scheme," said Robert Khuzami, director of the SEC's Divisionn of Enforcement. The SEC alleges elderly and retired investors were lured into purchasint highly unsuitable variable annuities with lucrative sales commissione while ignoring the financial goalsof victims. The SEC alleges that Eric J. Brown of Highland Matthew J. Collins of Boynton Kevin J. Walsh of Viera, and Mark W. Wellz of Boca Raton, were among those offering and sellingbthe annuities. It’s alleged that the firm and its representatives earned millions of dollars insales commissions.
PCS is a registeredf broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparation business headquartered in Poughkeepsie that offera financial services inNew York, New Pennsylvania and Florida. Robert Heim, a NewYork attorney who represents Prime Gilman Ciocia, and several of the including Collins and Wells, said the conducf at issue in the complaint is "very and occurred in the late 1990as and early 2000. He said the companh reached a settlement with the when it was calledthe (NASD).
As part of that the company implementedsome wide-ranging updates to its supervisory and compliance systems in 2005, Heim He added that he didn't know why the SEC was goinfg over the same ground. "All of these issuesx were addressed years ago and we feelthe company'w response has been appropriate," he said. While Brown and Walshg have since left, Collins and Wells are stillk withthe company, he An administrative law judge will determine whether the allegations against the respondents are true and, if so, whether they shoulde be ordered to cease and desist from future violations.
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