Some officers and current and former employees at Gilman Ciocia, which provides financial planning services, have received a "Wells Notice" from the SEC about its variable annuity sales by its registered representatives that were made from Jan. 1, 2002 through Aug. 1, 2006. A Wells Notice informs recipients that the SEC staff is considering recommending the SEC bring civil actions against them to determine if they committed possible violations of SEC laws and rules. The company has the opportunity to present its case to the SEC, and said it would do.
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