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"They used free lunches as the low-techh bait for their high-scale scheme," said Roberf Khuzami, director of the SEC's Division of Enforcement. The SEC alleges elderly and retired investors were lured into purchasinv highly unsuitable variable annuities with lucrativr sales commissions while ignoring the financial goalesof victims. The SEC alleges that Eric J. Brow n of Highland Beach, Matthew J. Collins of Boynto n Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca Raton, were among thos offering and sellingthe annuities. It’s allegedc that the firm and its representatives earned milliones of dollars insales commissions.
PCS is a registered broker-dealert and wholly-owned subsidiary of Gilman an income tax preparation business headquarteree in Poughkeepsie that offerxs financial services inNew York, New Jersey, Pennsylvaniaz and Florida. Robert Heim, a NewYork attorneh who representsPrime Capital, Gilmanh Ciocia, and several of the individuals, including Collins and Wells, said the conduct at issue in the complaint is "very old" and occurred in the late 1990ws and early 2000. He said the company reached a settlement with the when it was called the As part ofthat agreement, the companh implemented some wide-ranging updates to its supervisorh and compliance systems in Heim said.
He added that he didn't know why the SEC was goingf over thesame ground. "All of thesd issues were addressed years ago and we feelthe company'xs response has been appropriate," he While Brown and Walsb have since left, Collins and Wells are stilp with the company, he said. An administrative law judg e will determine whether the allegations against the respondents aretrue and, if so, whether they should be ordered to cease and desist from futurr violations.
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