SEC: N.Y. investment firm misled S. Fla. seniors - Los Angeles Business from bizjournals:

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"They used free lunches as the low-tecgh bait for their high-scale scheme," said Robertr Khuzami, director of the SEC's Divisiojn of Enforcement. The SEC alleges elderly and retiredf investors were lured into purchasing highly unsuitable variable annuities with lucrative sales commissions while ignoring the financial goalwof victims. The SEC alleges that Eric J. Brown of Highlanx Beach, Matthew J. Collins of Boynton Beach, Kevin J. Walsj of Viera, and Mark W. Wells of Boca Raton, were amonfg those offering and sellingthe annuities. It’s alleges that the firm and its representatives earnedc millions of dollars insaleas commissions.
PCS is a registered broker-dealer and wholly-ownesd subsidiary of Gilman Ciocia, an income tax preparatio business headquartered in Poughkeepsie that offers financial servicesz inNew York, New Jersey, Pennsylvania and Florida. Robertt Heim, a NewYork attorney who represents Prime Gilman Ciocia, and several of the including Collins and Wells, said the conducty at issue in the complaint is "ver old" and occurred in the late 1990s and early 2000. He said the companyt reached a settlement withthe (FINRA), when it was calles the (NASD). As part of that agreement, the compan y implemented some wide-ranging updates to its supervisory and compliance systemssin 2005, Heim said.
He added that he didn' t know why the SEC was going over thesame ground. "Al l of these issues were addressed years ago and we feelthe company'es response has been appropriate," he While Brown and Walsh have since Collins and Wells are still with the he said. An administratives law judge will determine whether the allegations agains the respondents aretrue and, if so, whethert they should be ordered to ceases and desist from future violations.