SEC: N.Y. investment firm misled S. Fla. seniors - South Florida Business Journal:

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"They used free lunchese as the low-tech bait for their high-scale said Robert Khuzami, director of the SEC's Divisionb of Enforcement. The SEC alleges elderlyu and retired investors were lured into purchasing highlt unsuitable variable annuities with lucrativew sales commissions while ignoring the financial goalssof victims. The SEC alleges that Eric J. Brownb of Highland Beach, Matthew J. Collinsd of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wellws of Boca Raton, were among thosre offering and sellingthe annuities. It’s alleged that the firm and its representativee earned millions of dollars insalesz commissions.
PCS is a registered broker-dealer and wholly-owned subsidiarh of Gilman Ciocia, an income tax preparation busineszs headquartered in Poughkeepsie that offers financial services inNew York, New Pennsylvania and Florida. Robertr Heim, a NewYork attorney who representsPrime Capital, Gilmab Ciocia, and several of the including Collins and Wells, said the conducty at issue in the complaint is "very and occurred in the late 1990s and early 2000. He said the companyh reached a settlement withthe (FINRA), when it was callexd the (NASD).
As part of that the company implementedsome wide-ranging updates to its supervisorgy and compliance systems in 2005, Heim He added that he didn't know why the SEC was goingg over the same "All of these issues were addresseed years ago and we feel the company's response has been he said. While Brown and Walshu have since left, Collins and Wellsz are still withthe company, he said. An administrative law judge will determine whether the allegations againsr the respondents aretrue and, if so, whether they shouldf be ordered to cease and desist from future