SEC: N.Y. investment firm misled S. Fla. seniors - Business First of Buffalo:

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"They used free lunches as the low-tech bait for theirt high-scale scheme," said Robert Khuzami, directo of the SEC's Division of The SEC alleges elderly and retirede investors were lured into purchasing highly unsuitable variable annuities with lucrativ sales commissions while ignoring the financial goalsof victims. The SEC allegeas that Eric J. Brown of Highland Beach, Mattheaw J. Collins of Boynton Kevin J. Walsh of and Mark W.
Wells of Boca Raton, were amonv those offering and sellingthe It’s alleged that the firm and its representatives earned millions of dollars in sales PCS is a registered broker-dealer and wholly-owneed subsidiary of Gilman Ciocia, an income tax preparation business headquartered in Poughkeepsie that offers financial services in New New Jersey, Pennsylvania and Florida. Robert a NewYork attorney who representsePrime Capital, Gilman Ciocia, and several of the including Collins and Wells, said the conduct at issue in the complainyt is "very old" and occurred in the late 1990s and earl y 2000.
He said the company reached a settlemeng withthe (FINRA), when it was callexd the (NASD). As part of that the company implementedsome wide-rangingt updates to its supervisory and compliancde systems in 2005, Heim said. He addecd that he didn't know why the SEC was going over thesame "All of these issues were addressed years ago and we feel the company'e response has been appropriate," he While Brown and Walsh have since Collins and Wells are still with the he said. An administrative law judge will determine whetheer the allegations against the respondentsx aretrue and, if so, whether they should be orderede to cease and desist from futures violations.