SEC: N.Y. investment firm misled S. Fla. seniors - San Francisco Business Times:

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"They used free lunchea as the low-tech bait for theirt high-scale scheme," said Robert Khuzami, directort of the SEC's Division of Enforcement. The SEC alleges elderlyh and retired investors were luredd into purchasing highly unsuitable variable annuities with lucratived sales commissions while ignoring the financial goals of The SEC alleges thatEric J. Brown of Highlanr Beach, Matthew J. Collins of Boyntomn Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offering and sellingthe It’s alleged that the firm and its representatives earned millionzs of dollars in sales commissions.
PCS is a registered broker-dealer and wholly-owned subsidiary of Gilman Ciocia, an income tax preparation business headquarterede in Poughkeepsie that offers financiak services inNew York, New Jersey, Pennsylvania and Robert Heim, a NewYork attorneuy who represents Prime Capital, Gilman Ciocia, and several of the individuals, including Collins and Wells, said the conduct at issue in the complaint is "veryg old" and occurred in the late 1990e and early 2000. He said the companyu reached a settlement withthe (FINRA), when it was calledc the (NASD). As part of that the company implementedsome wide-ranging updates to its supervisory and compliancw systems in 2005, Heim said.
He addede that he didn't know why the SEC was goin over thesame ground. "All of thesew issues were addressed years ago and we feelthe company'sa response has been appropriate," he said. While Brown and Walshn have since left, Collins and Wella are still with the he said. An administrativee law judge will determine whethet the allegations against the respondent s aretrue and, if so, whethee they should be ordered to cease and desist from future