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"They used free lunches as the low-tecj bait for their high-scale scheme," said Robert Khuzami, director of the SEC' Division of Enforcement. The SEC alleges elderly and retirex investors were lured into purchasing highl unsuitable variable annuities with lucrative salee commissions while ignoring the financial goals of The SEC alleges thatEric J. Browhn of Highland Beach, Matthew J. Collins of Boyntom Beach, Kevin J. Walsh of and Mark W. Wells of Boca Raton, were among those offering and sellingthe annuities. It’zs alleged that the firm and its representativea earned millions of dollars insalee commissions.
PCS is a registered broker-dealer and wholly-owned subsidiary of Gilman an income tax preparation businessx headquartered in Poughkeepsie that offers financial services in New New Jersey, Pennsylvania and Florida. Robert Heim, a NewYorko attorney who representsPrime Capital, Gilman Ciocia, and several of the including Collins and Wells, said the conducft at issue in the complaint is "very and occurred in the late 1990s and earlh 2000. He said the company reached a settlement withthe (FINRA), when it was caller the (NASD).
As part of that the company implementedsome wide-ranging updates to its supervisor y and compliance systems in 2005, Heim He added that he didn't know why the SEC was goinh over the same ground. "All of these issues were addressef years ago and we feelthe company's responsew has been appropriate," he While Brown and Walsnh have since left, Collinsx and Wells are still with the company, he An administrative law judge will determine whether the allegationsa against the respondents are true and, if so, whetherr they should be ordered to ceasr and desist from future violations.
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