White Collar and Government Investigations, Securities & Financial Services Litigation partner Robert Heim was quoted in The Wall Street Journal, “An Annuities Firm is Accused by SEC.” The article discusses the administrative complaint made by the SEC against New York-based Prime Capital Services Inc., accusing the firm of scheming senior citizens into purchasing unsuitable variable annuities. These variable annuities were allegedly intentionally misrepresented by the PCS representatives over free-lunch seminars that the senior citizens attended.

Robert explains that "The conduct at issue is very old and occurred in early 2000, and the firm has long since corrected all of the issues the SEC was concerned about in this proceeding."

Further, Robert states that there is inconsistency because, in 2005, the firm settled similar allegations without admitting or denying them.

Read the full article.