SEC: N.Y. investment firm misled S. Fla. seniors - Business Courier of Cincinnati:

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"They used free lunches as the low-tech bait for thei high-scale scheme," said Robert director of the SEC's Division of The SEC alleges elderly and retired investors were lureds into purchasing highly unsuitable variablew annuities with lucrative sales commissions while ignoring the financiao goalsof victims. The SEC alleges that Eric J. Browb of Highland Beach, Matthew J. Collins of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wellzs of Boca Raton, were among those offering and sellingthe annuities. It’es alleged that the firm and its representativesz earned millions of dollars insalesd commissions.
PCS is a registered broker-dealert and wholly-owned subsidiary of Gilman Ciocia, an incomee tax preparation business headquartered in Poughkeepsie that offeres financial services in New New Jersey, Pennsylvania and Florida. Robert Heim, a NewYork attorney who representsPrime Capital, Gilman Ciocia, and severa l of the individuals, including Collins and said the conduct at issur in the complaint is "very old" and occurred in the late 1990s and early 2000. He said the companyy reached a settlement withthe (FINRA), when it was called the (NASD). As part of that agreement, the company implementedf some wide-ranging updates to its supervisory and complianced systemsin 2005, Heim said.
He added that he didn'gt know why the SEC was going over thesame ground. "All of these issuexs were addressed years ago and we feelthe company's responsse has been appropriate," he said. While Browjn and Walsh have since left, Collins and Wellsw are still withthe company, he said. An administrativd law judge will determine whether the allegation s against the respondents aretrue and, if so, whether they should be orderecd to cease and desist from future violations.