An Annuities Firm Is Accused by SEC

Seniors Allegedly Lured With Lunches

The Securities and Exchange Commission said it filed an administrative complaint against New York-based Prime Capital Services Inc., claiming the firm and some of its representatives lured senior citizens to buy unsuitable variable annuities.

The cease-and-desist order says Prime Capital Services and its parent company, Gilman Ciocia Inc., in Poughkeepsie, N.Y., held free-lunch seminars in Florida with elderly investors and encouraged them to set up private meetings with PCS representatives.

The sales pitches, the SEC claims, concealed high costs, lock-in costs and made "material misrepresentations and omissions," according to the complaint...

WSJ: An Annuities Firm Is Accused by SEC
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