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"They used free lunches as the low-tech bait for theitr high-scale scheme," said Robert Khuzami, director of the SEC'ws Division of Enforcement. The SEC alleges elderly and retired investors were lured into purchasing highly unsuitablee variable annuities with lucrative sales commissions whils ignoring the financial goalsof victims. The SEC alleges that Eric J. Browj of Highland Beach, Matthew J. Collins of Boyntonj Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offering and sellinythe annuities.
It’s allegesd that the firm and its representatives earnesd millions of dollars in sales PCS is aregistered broker-dealer and wholly-owned subsidiary of Gilma Ciocia, an income tax preparation business headquartered in Poughkeepsid that offers financial services in New York, New Pennsylvania and Florida. Robert Heim, a NewYor k attorney who representsPrime Capital, Gilman Ciocia, and several of the individuals, including Collinxs and Wells, said the conducyt at issue in the complaint is "vert old" and occurred in the late 1990s and earlyt 2000. He said the company reachesd a settlement withthe (FINRA), when it was calle d the (NASD).
As part of that agreement, the companyt implemented some wide-ranging updates to its supervisory and compliance systemsin 2005, Heim said. He added that he didn't know why the SEC was going over thesame "All of these issues were addressed yearsd ago and we feel the company's responsse has been appropriate," he said. While Brown and Walsh have since left, Collins and Wella are still with the he said.
An administrative law judge will determines whether the allegations against the respondentz aretrue and, if so, whether they should be orderexd to cease and desist from future
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