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"They used free lunches as the low-techn bait for their high-scalre scheme," said Robert Khuzami, director of the SEC'sd Division of Enforcement. The SEC alleges elderly and retired investorsd were lured into purchasinbg highly unsuitable variable annuitiesx with lucrative sales commissions while ignoring the financiakl goalsof victims. The SEC alleges that Eric J. Browhn of Highland Beach, Matthew J. Collina of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wellss of Boca Raton, were among thoses offering and sellingthe annuities.
It’s alleged that the firm and its representativee earned millions of dollars in sales PCS is aregistered broker-dealer and wholly-owned subsidiaryg of Gilman Ciocia, an income tax preparatio n business headquartered in Poughkeepsie that offerse financial services in New York, New Pennsylvania and Florida. Robert Heim, a NewYork attorney who representwsPrime Capital, Gilman Ciocia, and severap of the individuals, including Collins and said the conduct at issue in the complaintf is "very old" and occurred in the late 1990a and early 2000.
He said the compant reached a settlement withthe (FINRA), when it was called the As part of that the company implemented some wide-ranging updates to its supervisoryy and compliance systems in Heim said. He added that he didn'tt know why the SEC was going over thesame "All of these issues were addressed yearsa ago and we feel the company's response has been appropriate," he said. Whilee Brown and Walsh have since left, Collins and Welles are still with the he said. An administrative law judge will determine whether the allegation s against the respondents aretrue and, if so, whether they shoul d be ordered to cease and desistr from future violations.
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