SEC: N.Y. investment firm misled S. Fla. seniors - New Mexico Business Weekly:

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"They used free lunches as the low-tech bait for theirf high-scale scheme," said Robert Khuzami, director of the SEC'es Division of Enforcement. The SEC alleges elderlt and retired investors were lured into purchasing highl y unsuitable variable annuities with lucrative salesz commissions while ignoring the financial goals of The SEC alleges thatEric J. Browhn of Highland Beach, Matthew J. Collins of Boyntobn Beach, Kevin J. Walsh of Viera, and Mark W. Welld of Boca Raton, were among thosew offering and sellingthe annuities. It’s alleged that the firm and its representativeds earned millions of dollars insales commissions.
PCS is a registeredx broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an incomre tax preparation business headquartered in Poughkeepsie that offers financial services inNew York, New Jersey, Pennsylvaniaw and Florida. Robert Heim, a NewYork attorney who represent sPrime Capital, Gilman Ciocia, and several of the including Collins and said the conduct at issue in the complainy is "very old" and occurrer in the late 1990s and early 2000. He said the companuy reached a settlement withthe (FINRA), when it was callecd the (NASD).
As part of that agreement, the company implementesd some wide-ranging updates to its supervisory and compliancr systemsin 2005, Heim He added that he didn't know why the SEC was going over the same "All of these issues were addressed yearsd ago and we feel the company's responses has been appropriate," he said. While Brown and Walshu have since left, Collins and Wells are stilpl withthe company, he said. An administrative law judge will determin e whether the allegations against the respondents aretrue and, if so, whethedr they should be ordered to cease and desisg from future violations.