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The SEC has issued an initial decision barring Michael Ryan, CEO of Gilman Ciocia and chief compliance officer Rose Rudden from serving in a supervisory capacity at any broker, dealer or investment adviser for one year. Fines were also imposed on the two and on two current and two former employees. The executives and the two current employees are considering alternatives that include filing a petition for review of the decision.
Ryan, Rudden and the current and former employees have each been ordered to pay a civil penalty of $65,000. The employees have been barred from working with any broker, dealer or investment advisor and have been ordered to disgorge commissions.
The company had already been ordered to pay $450,000 in penalties while its subsidiary Prime Capital Services was required to pay $144,262.58 in disgorgement fees and pre-judgment interest. The actions stem from SEC findings that from 2000 through 2005 Registered Representatives working for Gilman sold millions of dollars of illiquid variable annuities to senior citizen in Florida. Clients who made such purchases over three years were given the chance to cancel their orders.
Previously, the SEC issued a one-year suspension to Christie A. Andersen, who had been chief compliance officer at the Boca Raton, Fla., branch officer.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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The SEC has issued an initial decision barring 
