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"They used free lunches as the low-techu bait for their high-scale scheme," said Robert director of the SEC's Division of Enforcement. The SEC allegesx elderly and retired investors were lured into purchasingb highly unsuitable variable annuitieds with lucrative sales commissions while ignorinvg the financial goalsof victims. The SEC alleges that Eric J. Browmn of Highland Beach, Matthew J. Collinsa of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wellse of Boca Raton, were among those offering and sellinthe annuities. It’s alleged that the firm and its representativez earned millions of dollars insalesx commissions.
PCS is a registered broker-dealer and wholly-ownexd subsidiary of Gilman Ciocia, an incomee tax preparation business headquartered in Poughkeepsie that offerw financial services in New New Jersey, Pennsylvania and Florida. Robert Heim, a NewYorki attorney who representsPrime Capital, Gilmah Ciocia, and several of the individuals, includin Collins and Wells, said the conductf at issue in the complaint is "very old" and occurred in the late 1990zs and early 2000. He said the compangy reached a settlement withthe (FINRA), when it was callee the (NASD).
As part of that agreement, the compant implemented some wide-ranging updates to its supervisory and compliancr systemsin 2005, Heim said. He addedc that he didn't know why the SEC was goinfg over thesame "All of these issues were addressedf years ago and we feel the company's responss has been appropriate," he said. Whild Brown and Walsh have sincwe left, Collins and Wells are stilo withthe company, he An administrative law judge will determine whether the allegations against the respondents are true and, if so, whether they shouldr be ordered to cease and desist from future
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