Prime Capital Services, Inc., Gilman Ciocia, Inc., Michael P. Ryan, Rose M
INITIAL DECISION RELEASE NO. 398 ADMINISTRATIVE PROCEEDING FILE NO. 3-13532 UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ In the Matter of : : PRIME CAPITAL SERVICES, INC., : GILMAN CIOCIA, INC., : INITIAL DECISION MICHAEL P. RYAN, : June 25, 2010 ROSE M. RUDDEN, : CHRISTIE A. ANDERSEN, : ERIC J. BROWN, : MATTHEW J. COLLINS, : KEVIN J. WALSH, and : MARK W. WELLS : __________________________________ APPEARANCES: Martin F. Healey and Alix Biel for the Division of Enforcement, Securities and Exchange Commission Robert G. Heim of Meyers & Heim LLP for Respondents Prime Capital Services, Inc., Gilman Ciocia, Inc., Michael P. Ryan, Rose M. Rudden, Matthew J. Collins, and Mark W. Wells Jane Bruno of Bruno & Degenhardt, P.C., for Respondent Eric J. Brown Kevin J. Walsh, pro se.1 BEFORE: Carol Fox Foelak, Administrative Law Judge SUMMARY This Initial Decision (ID) concludes that, while associated with a broker-dealer and an investment adviser, Eric J. Brown (Brown), Matthew J. Collins (Collins), Kevin J. Walsh (Walsh), and Mark W. Wells (Wells) violated the antifraud provisions, as well as books and records provisions, of the securities laws in their sales of variable annuities. The ID further concludes that Michael P. Ryan (Ryan) and Rose M. Rudden (Rudden) failed reasonably to 1 The proceeding has ended as to Respondents Christie A. Andersen, Prime Capital Services, Inc., and Gilman Ciocia, Inc. Prime Capital Servs., Inc., 97 SEC Docket 23,052 (Nov. 30, 2009); Prime Capital Servs., Inc., Exchange Act Release No. 61719 (Mar. 16, 2010). 1 supervise them (and Collins failed reasonably to supervise Brown) so as to detect and prevent their violations.
[Show full text]