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"They used free lunchee as the low-tech bait for theirr high-scale scheme," said Robert director of the SEC's Division of Enforcement. The SEC alleges elderl and retired investors were lured into purchasing highly unsuitablwe variable annuities with lucrative sales commissions while ignoring the financialp goalsof victims. The SEC alleges that Eric J. Browhn of Highland Beach, Matthew J. Collins of Boynton 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 representativese earned millions of dollars in sales commissions.
PCS is a registerer broker-dealer and wholly-owned subsidiary of Gilman an income tax preparation business headquartered in Poughkeepsie that offersw financial services inNew York, New Jersey, Pennsylvania and Florida. Roberyt Heim, a NewYork attorney who representsPrime Capital, Gilmamn Ciocia, and several of the including Collins and Wells, said the conduct at issuw in the complaint is "very old" and occurre d in the late 1990s and early 2000. He said the company reached a settlement withthe (FINRA), when it was called the As part of that agreement, the companyy implemented some wide-ranging updates to its supervisorgy and compliance systems in 2005, Heim said.
He addesd that he didn't know why the SEC was going over thesame ground. "All of thes e issues were addressed years ago and we feelthe company'e response has been he said. While Brown and Walsjh have since left, Collinxs and Wells are still withthe company, he An administrative law judge will determined whether the allegations against the respondent s are true and, if so, whether they shouls be ordered to cease and desisty from future violations.
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