SEC: N.Y. investment firm misled S. Fla. seniors - Business Courier of Cincinnati:

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"They used free lunches as the low-tecnh bait for their high-scale said Robert Khuzami, director of the SEC's Divisiohn of Enforcement. The SEC alleges elderly and retiref investors were lured into purchasing highlyg unsuitable variable annuities with lucrative sales commissions while ignoring the financial goals of The SEC alleges thatEric J. Brownh of Highland Beach, Matthew J. Collinw of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wellsx of Boca Raton, were among those offering and sellingthe It’s alleged that the firm and its representativea earned millions of dollars in saleds commissions.
PCS is a registered broker-dealer and wholly-ownecd subsidiary of Gilman Ciocia, an income tax preparation businesws headquartered in Poughkeepsie that offers financial servicex inNew York, New Jersey, Pennsylvania and Florida. Robert a NewYork attorney who represents Prime Gilman Ciocia, and several of the including Collins and Wells, said the conduct at issu e in the complaint is "very old" and occurredf in the late 1990s and early 2000. He said the companyt reached a settlement with the when it was called the As part of that the company implementedsome wide-ranginf updates to its supervisorg and compliance systems in 2005, Heim said.
He addef that he didn't know why the SEC was goingb over thesame ground. "All of theser issues were addressed years ago and we feelthe company's responsr has been appropriate," he said. While Brown and Walsh have since left, Collins and Wells are still with the he said. An administrativre law judge will determine whether the allegations againstt the respondents aretrue and, if so, whether they should be ordered to cease and desist from future violations.