Skip to Content

Prime Capital Services (PCS) and Gilman Ciocia

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.

Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
View More