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.