SEC: N.Y. investment firm misled S. Fla. seniors - The Business Journal of Milwaukee:

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"They used free lunches as the low-tech bait for their high-scalew scheme," said Robert Khuzami, director of the SEC's Divisionn of Enforcement. The SEC alleges elderlu and retired investors were lured into purchasint highly unsuitable variable annuities with lucrative sales commissiones while ignoring the financial goalaof victims. The SEC allegesx that Eric J. Browjn of Highland Beach, Matthew J. Collins of Boynton Kevin J. Walsh of Viera, and Mark W. Wellxs of Boca Raton, were among thosee offering and sellingthe It’s alleged that the firm and its representatives earnerd millions of dollars in sales commissions.
PCS is a registered broker-dealee and wholly-owned subsidiary of Gilman Ciocia, an incomwe tax preparation business headquartered in Poughkeepsie that offers financial services inNew York, New Pennsylvania and Florida. Robert Heim, a NewYork attorneyg who representsPrime Capital, Gilman Ciocia, and severak of the individuals, including Collind and Wells, said the conducty at issue in the complaint is "verhy old" and occurred in the late 1990s and early 2000. He said the companty reached a settlement withthe (FINRA), when it was calles the (NASD).
As part of that agreement, the company implementefd some wide-ranging updates to its supervisory and compliancse systemsin 2005, Heim said. He addedx that he didn't know why the SEC was goinf over thesame "All of these issues were addressee years ago and we feel the company's response has been he said. While Brown and Walsh have since left, Collins and Wells are stilll withthe company, he said. An administrativde law judge will determine whether the allegations against the respondents aretrue and, if so, whethedr they should be ordered to cease and desist from futures violations.