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"They used free lunches as the low-tech bait for theire high-scale scheme," said Robert director of the SEC's Division of The SEC alleges elderly and retired investora were lured into purchasing highly unsuitable variable annuitiesx with lucrative sales commissions whiler ignoring the financial goalxsof victims. The SEC allegeds that Eric J. Brown of Highland Beach, Matthew J. Collinsx of Boynton Beach, Kevin J. Walsh of Viera, and Mark W. Wells of Boca were among those offering and sellingthe annuities.
It’a alleged that the firm and its representatives earnef millions of dollars in sales PCS is aregistered broker-dealer and wholly-ownefd subsidiary of Gilman an income tax preparation business headquarteres in Poughkeepsie that offers financial services in New New Jersey, Pennsylvania and Florida. Robert a NewYork attorney who representsPrime Capital, Gilmanh Ciocia, and several of the including Collins and Wells, said the conduct at issu e in the complaint is "very old" and occurred in the late 1990se and early 2000. He said the company reached a settlementr withthe (FINRA), when it was calleed the (NASD).
As part of that the company implementedsome wide-ranging updates to its supervisory and compliancd systems in 2005, Heim He added that he didn' t know why the SEC was going over the same "All of these issues were addressedr years ago and we feel the company'zs response has been appropriate," he said. While Brown and Walsh have sincre left, Collins and Wells are still with the he said. An administrative law judgse will determine whether the allegations against the respondents aretrue and, if so, whethe they should be ordered to cease and desisr from future violations.
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