GilmanCiocia and its subsidiary Prime Capital Services have been censured by the SEC and ordered to pay hundreds of thousands of dollars of penalties and interest as the result of the sale of illiquid variable annuities to senior citizens in Florida from 2000 through 2005. The actions came as the result of an Offer in Settlement made by the financial planning organizations to settle allegations regarding fraudulent sale of annuities and lack of supervision of representatives who made the sales of unsuitable investment securities to investors over the age of 65..