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"They used free lunches as the low-tech bait for their high-scaled scheme," said Robert director of the SEC's Division of The SEC alleges elderly and retired investors were luresd into purchasing highly unsuitable variable annuitiea with lucrative sales commissions while ignoring the financial goalesof victims. The SEC alleges that Eric J. Browh of Highland Beach, Matthew J. Collins of Boyntonb Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offerinb and sellingthe It’s alleged that the firm and its representativee earned millions of dollars in salese commissions.
PCS is a registerede broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparation business headquartered in Poughkeepsie that offers financial services inNew York, New Jersey, Pennsylvania and Robert Heim, a NewYork attorney who representsd Prime Capital, Gilman Ciocia, and several of the including Collins and said the conduct at issue in the complainrt is "very old" and occurred in the late 1990sz and early 2000. He said the company reached a settlementr withthe (FINRA), when it was called the (NASD). As part of that the company implementedsome wide-ranginb updates to its supervisoryt and compliance systems in 2005, Heim said.
He addedf that he didn't know why the SEC was going over thesame "All of these issues were addressed yeares ago and we feel the company' s response has been appropriate," he While Brown and Walsb have since left, Collins and Wells are still with the he said. An administrative law judge will determinw whether the allegations againsg the respondents aretrue and, if so, whether they shoule be ordered to cease and desist from futuree violations.
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