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 in this case.
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 September 23, 2010, a Proposed Plan of Distribution was published.
34-63563
16-Dec-2010
Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Distribution Plan
On December 16, 2010, the Commission granted the request to extend the time to enter an order approving or disapproving the distribution plan. There were no public comments in the thirty days after the Notice of the plan, and thus there is good cause to extend the deadline. The time for entering an Order is extended to March 25, 2011.
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."
34-63813
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.
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.
Final Plan of Distribution
On March 14, 2011, the Final Plan of Distribution in this matter was announced.
34-66947
08-May-2012
Administrative Proceeding
Order Approving and Ratifying Prior Disbursement
On May 8, 2012, the SEC approved and ratified a Modified Distribution Plan. 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. According to the SEC: "Simultaneously with the entry of the Order, the Commission accepted settlement offers from Respondents Prime Capital Services, Inc. ('PCS') and Gilman Ciocia, Inc. ('G&C') in which they consented to the entry of the Order without admitting or denying the Commission's findings.... G&C was ordered to pay total of $450,001.00 in disgorgement and civil penalties to the Commission."
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 ordered that $50,169.83, the balance of the Fair Fund established in previous proceedings, be returned to the U.S. Treasury. Additionally, the Fund Administrator was discharged, and the Fair Fund was terminated. The Fair Fund was established pursuant to administrative proceedings finding that Prime Capital Services, Inc. and Gilman Ciocia, Inc. induced the purchase of variable annuities through material misrepresentations and omissions.
