Before the

Securities Exchange Act of 1934
Release No. 34-62979 / September 23, 2010

Administrative Proceeding File No. 3-13532

In the Matter of

Prime Capital Services, Inc., Gilman Ciocia, Inc., Michael P. Ryan, Christie A. Andersen, Eric J. Brown, Matthew J. Collins, Kevin J. Walsh, and Mark W. Wells




Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. ยง 201.1103, that the Division of Enforcement has submitted to the Commission a proposed plan for the distribution of the Fair Fund in this matter ("Distribution Plan").

On March 16, 2010, the Commission issued an Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934 as to Prime Capital Services, Inc. and Gilman Ciocia, Inc. (Rel. No. 33-9113) (the "Order"). Simultaneously with the entry of the Order, the Commission accepted settlement offers from Respondents Prime Capital Services, Inc. ("PCS") and Gilman Ciocia, Inc. ("G&C") in which they consented to the entry of the Order without admitting or denying the Order's findings.


Pursuant to this Notice, all interested parties are advised that they may print a copy of the Distribution Plan from the Commission's public website, http://www.sec.gov/. Interested persons may also obtain a written copy of the Distribution Plan by submitting a written request to Robert J. Keyes, Associate Regional Director and Chief of Regional Office Operations of the New York Regional Office, United States Securities and Exchange Commission, 3 World Financial Center, Room 400, New York, New York 10281-1022. All persons who desire to comment on the Distribution Plan may submit their comments, in writing, no later than thirty days from the date of this Notice:

  1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, N.E., Washington, DC 20549-1090;

  2. by using the Commission's Internet comment form (www.sec.gov/litigation/admin.shtml); or

  3. by sending an e-mail to rule-comments@sec.gov.

Comments submitted by e-mail or via the Commission's website should include "Administrative Proceeding File No. 3-13532" on the subject line. Comments received will be publicly available. Persons should submit only information that they wish to make publicly available.


The Fair Fund is comprised of the following amounts: PCS was ordered to pay a total of $144,262.58 in disgorgement and prejudgment interest to the Commission, and G&C was ordered to pay a total of $450,001.00 in disgorgement and civil penalties to the Commission. The Commission established a Fair Fund pursuant to Section 308 of the Sarbanes-Oxley Act of 2002 for these payments (the "Fair Fund"). The funds received by the Commission have been deposited at the U.S. Treasury Bureau of Public Debt for investment in short-term U.S. Treasury securities and obligations. Payments from other respondents in this administrative proceeding may be added to the Fair Fund if so ordered by the Commission. Other than these items and interest earned on the invested funds, it is not anticipated that the Fair Fund will receive additional funds.

For the Commission, by its Secretary, pursuant to delegated authority.

Elizabeth M. Murphy

See Also:   Proposed Plan of Distribution

Last modified: 9/23/2010