Defendant Name:
Prime Capital Services, Inc.
Defendant Type:
Other
Initial Case Details
Legal Case Name
In the Matter of Prime Capital Services, Inc., Gilman Ciocia, Inc., Michael P. Ryan, Christie A. Andersen, Eric J. Brown, Matthew J. Collins, Kevin J. Walsh, and Mark W. Wells
First Document Date
30-Jun-2009
Initial Filing Format
Administrative Action
File Number
3-13532
Allegation Type
Broker Dealer
Violations Alleged
•
Sec 17(a) (Not specified)
•
Rule 17a-3 Exchange Act
Additionally,
Gilman Ciocia, Inc. is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Gilman Ciocia, Inc. is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Sec 15(c) of the Exchange Act.
Gilman Ciocia, Inc. is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Sec 17(a) (Not specified) of the Securities Act.
Mark W. Wells is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Section 17(a) Exchange Act; Rule 17a-3 Exchange Act.
Mark W. Wells is alleged to have caused Prime Capital Services, Inc.'s violation of Section 17(a), Rule 17a-3 Exchange Act.
Kevin J. Walsh is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Section 17(a) Exchange Act; Rule 17a-3 Exchange Act.
Matthew J. Collins is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Section 17(a) Exchange Act; Rule 17a-3 Exchange Act.
Eric J. Brown is alleged to have aided and abetted Prime Capital Services, Inc.'s violation of Section 17(a), Rule 17a-3 Exchange Act (willfully/knowingly).
Eric J. Brown is alleged to have caused Prime Capital Services, Inc.'s violation of Section 17(a), Rule 17a-3 Exchange Act (willfully/knowingly).
Matthew J. Collins is alleged to have caused Prime Capital Services, Inc.'s violation of Section 17(a), Rule 17a-3 Exchange Act (willfully/knowingly).
Kevin J. Walsh is alleged to have caused Prime Capital Services, Inc.'s violation of Section 17(a), Rule 17a-3 Exchange Act (willfully/knowingly).
Resolutions
First Resolution Date
16-Mar-2010
Related Documents:
33-9047-o
30-Jun-2009
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Section 203(f) of the Investment Advisers Act of 1940
On June 30, 2009, the SEC instituted administrative and cease-and-desist proceedings against Prime Capital Services, Inc. (PCS), Gilman Ciocia, Inc. (G&C), Michael P. Ryan, Rose M. Rudden, Christie A. Andersen, Eric J. Brown, Matthew J. Collins, Kevin J. Walsh, Mark W. Wells. According to the SEC: "From approximately November 1999 through February 2007 (the 'relevant period'), representatives associated with Respondent PCS offered and sold variable annuities to senior citizen customers in south Florida. At various times during the relevant period, Respondents Brown, Collins, Walsh and Wells, while associated with PCS and employed by Respondent G&C, were among those offering and selling variable annuities to senior citizens."
33-9113
16-Mar-2010
Administrative Proceeding
Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934 as to Prime Capital Services, Inc. and Gilman Ciocia, Inc.
On March 16, 2010, the SEC filed an order regarding this matter accepting the offer of settlement submitted by Gilman Ciocia, Inc. and Prime Capital Services, Inc.
34-62264
10-Jun-2010
Administrative Proceeding
Order Appointing Tax Administrator
On June 10, 2010, the SEC issued an Order Appointing Tax Administrator. The SEC ordered the appointment of Damasco and Associates LLP, a certified accounting firm located in Half Moon Bay, California, as tax administrator for the Qualified Settlement Fund in the administrative proceeding.
34-62979
23-Sep-2010
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
On September 23, 2010, the SEC filed a Notice of Proposed Plan of Distribution and Opportunity for Comment.
Proposed Plan of Distribution
On March 16, 2010, the SEC issued a Proposed Plan of Distribution. Previously, on March 16, 2010, the SEC issued an order making findings and imposing remedial sanctions as to Prime Capital Services, Inc. and Gilman Ciocia, Inc. The March 16, 2010 also established a Fair Fund.
34-63563
16-Dec-2010
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Distribution Plan
On December 16, 2010, the SEC issued an order extending the time to enter an order approving or disapproving the distribution plan. The SEC noted: "Because of the need for Commission review of the Plan, good cause exists to extend the time period provided in Rule 1104 for entry of an order approving or disproving the plan to March 25, 2011."
34-63813
01-Feb-2011
Administrative Proceeding
Notice of Propsed Modified Plan of Distribution and Opportunity for Comment
On February 1, 2011, the SEC issued a Notice of Proposed Modified Plan of Distribution and Opportunity for Comment. According to the Notice: "The Division of Enforcement previously filed a different version of a proposed distribution plan, which was noticed for comment on September 23, 2010. The principal difference between the previous version of the plan and the Modified Distribution Plan is that the Modified Distribution Plan makes no provision for distribution of consequential costs to Eligible Investors, such as costs they incurred in hiring private legal counsel."
Proposed Modified Plan of Distribution
The SEC issued a Proposed Modified Plan of Distribution. According to the SEC: "This Fund was established to provide for the ultimate distribution of disgorgement and civil money penalties to PCS customers injured by the unsuitable and/or fraudulent sales of variable annuities ... and for an additional PCS customer also injured by the unsuitable and/or fraudulent sales of variable annuities who provided substantial assistance to the Division of Enforcement in connection with this administrative proceeding."
34-64081
14-Mar-2011
Administrative Proceeding
Order Approving Distribution Plan of a Fair Fund and Apppointing a Fund for Administrator
On March 14, 2011, the SEC issued an Order Approving Distribution Plan of a Fair Fund and Approving a Fund Administrator. In the Order the Commission also appointed Robert J. Keyes as the Fund Administrator and that "no bond is required since the Fund Administrator is a Commission employee."
Final Plan of Distribution
On March 14, 2011, the SEC issued the Final Plan of Distribution.
34-66947
08-May-2012
Administrative Proceeding
Order Approving and Ratifying Prior Disbursement
On May 8, 2012, the SEC issued an Order Approving and Ratifying Prior Disbursement. According to the SEC: "The Modified Distribution Plan states that monies from the Fair Fund will be distributed to Eligible Investors who were harmed by the Respondents' conduct, as further described in the Modified Distribution Plan. On December 12, 2011, a distribution of $390,054.77 was made from the Fair Fund."
34-71118
18-Dec-2013
Administrative Proceeding
Order Directing Disbursement of Fair Fund Residual
On December 18, 2013, the SEC issued an Order Directing Disbursement of Fair Fund Residual. Pursuant to the Order, residual funds totaling $141,500 from the Fair Fund were disbursed to seven investors.
34-76534
01-Dec-2015
Administrative Proceeding
Order Authorizing the Transfer of Remaining Funds and any Funds Returned to the Fair Fund in the future to the U.S. Treasury, Discharging the Fund Administrator, and Terminating the Fair Fund
On December 1, 2015, the SEC issued an Order Authorizing the Transfer of Remaining Funds and Any Funds Returned to the Fair Fund in the Future to the U.S. Treasury, Discharging the Fund Administrator, and Terminating the Fair Fund.
Other Defendants in Action:
