Zamansky LLC has launched an investigation into the sales practices of Prime Capital Services (PCS), a brokerage firm and subsidiary of Gilman Ciocia, an income tax preparation business. We are investigating how PCS and Gilman Ciocia sold variable annuities and whether the firms improperly targeted elderly investors.
The SEC censured Gilman Ciocia and PCS for misrepresenting the variable annuities it sold to senior citizens in the South Florida region. The SEC found that PCS and Gilman Ciocia held free-lunch seminars where elderly customers were aggressively sold investment products that were entirely unsuitable.
We are hearing from the firm’s elderly customers that PCS misrepresented the characteristics of the variable annuities they were sold. Investors claim they were promised they would receive the return of their principal and a guaranteed fixed rate of interest after a given amount of time regardless of how the stock market performed, however, PCS failed to disclose that these guaranteed returns would be paid only if they elected to annuitize their investments.
The SEC has already ordered PCS and Gilman Ciocia to return over $150,000 in elicit gains and pay a fine of $450,000.
If you are a victim of the alleged fraud orchestrated by Gilman Ciocia and/or its Prime Capital Services (PCS) subsidiary, contact Zamansky LLChere. Consultations are completely confidential and free of charge.