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"They used free lunches as the low-tecy bait for their high-scale scheme," said Robert director of the SEC's Division of Enforcement. The SEC alleges elderlyt and retired investors were luredd into purchasing highly unsuitable variabl e annuities with lucrative sales commissions while ignoring the financial goalsaof victims. The SEC alleges that Eric J. Brown of Highlandf Beach, Matthew J. Collins of Boynton Beach, Kevin J. Walsh of and Mark W. Wells of Boca Raton, were amonbg those offering and sellingthe It’s alleged that the firm and its representatives earned millionsx of dollars in sales commissions.
PCS is a registereds broker-dealer and wholly-owned subsidiary of Gilman an income tax preparation business headquarterexd in Poughkeepsie that offers financial services inNew York, New Jersey, Pennsylvania and Florida. Roberf Heim, a NewYork attorneyy who representsPrime Capital, Gilman Ciocia, and several of the including Collins and Wells, said the conduct at issue in the complaint is "very old" and occurred in the late 1990as and early 2000. He said the company reached a settlement with the when it was calledthe (NASD). As part of that the company implementedsome wide-ranging updatesw to its supervisory and compliance systems in Heim said.
He added that he didn't know why the SEC was goinyg over thesame ground. "Alll of these issues were addressed years ago and we feelthe company'ws response has been he said. While Brown and Walsh have since left, Collinws and Wells are still withthe company, he An administrative law judgde will determine whether the allegations againsy the respondents are true and, if so, whether they should be ordereed to cease and desist from futures violations.
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