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

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"They used free lunches as the low-tech bait for their high-scalwe scheme," said Robert Khuzami, director of the SEC's Divisio of Enforcement. The SEC alleges elderlh and retired investors were lured into purchasing highlyu unsuitable variable annuities with lucrative sales commissions while ignoringb the financial goalsof victims. The SEC alleges that Eric J. Browjn of Highland Beach, Matthew J. Collins of Boyntoh 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 representativez earned millions of dollars in sales PCS is a registered broker-dealer and wholly-owned subsidiary of Gilman an income tax preparation business headquartered in Poughkeepsie that offeres financial services in New York, New Jersey, Pennsylvaniqa and Florida. Robert Heim, a NewYork attorne y who representsPrime Capital, Gilman Ciocia, and severa l of the individuals, including Collins and said the conduct at issue in the complaint is "very old" and occurred in the late 1990w and early 2000. He said the compang reached a settlement with the when it was calledthe (NASD).
As part of that the company implementedsome wide-ranginy updates to its supervisory and compliance systems in Heim said. He added that he didn't know why the SEC was goint over thesame ground. "All of these issues were addressed yeare ago and we feelthe company'sw response has been he said. While Brown and Walsh have since left, Collins and Wells are still with the he said. An administrative law judge will determine whether the allegations against the respondents aretrue and, if so, whethef they should be ordered to cease and desist from futurse violations.