SEC: N.Y. investment firm misled S. Fla. seniors - Wichita Business Journal:

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"They used free lunched as the low-tech bait for their high-scaler scheme," said Robert Khuzami, directof of the SEC's Division of Enforcement. The SEC allegee elderly and retired investors were lure into purchasing highly unsuitable variable annuities with lucrativee sales commissions while ignorinb the financial goals of The SEC alleges thatEric J. Browh of Highland Beach, Matthew J. Collins of Boynto n Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offering and sellintthe annuities. It’s alleged that the firm and its representativez earned millions of dollards insales commissions.
PCS is a registerede broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparatiom business headquartered in Poughkeepsie that offers financial services inNew York, New Jersey, Pennsylvania and Robert Heim, a NewYork attorne who represents Prime Capital, Gilman Ciocia, and several of the individuals, includingt Collins and Wells, said the conducy at issue in the complaint is "very and occurred in the late 1990 s and early 2000. He said the company reached a settlement with the when it was calledthe (NASD). As part of that the company implementedsome wide-ranging updatesx to its supervisory and compliance systems in Heim said.
He adde that he didn't know why the SEC was goiny over thesame ground. "All of these issuesd were addressed years ago and we feelthe company'z response has been appropriate," he said. Whils Brown and Walsh have since Collins and Wells are still withthe company, he An administrative law judge will determine whether the allegations againsf the respondents are true and, if so, whethe r they should be ordered to cease and desisy from future violations.