The U.S. Securities and Exchange Commission has accused a former stockbroker of selling confidential information about annuity customers without getting the customers’ permission.
The SEC has filed a complaint against the broker, Sidney Mondschein of Castro Valley, Calif., in the U.S. District Court in San Francisco.
In the complaint, SEC officials accuse the broker of securities fraud and regulatory violations in connection with the lead sales.
Mondschein could not immediately be reached for comment.
From December 2002 through August 2005, Mondschein sold the names, addresses, telephone numbers and, in some cases, annuity investment amount figures for about 500 customers to 6 insurance agents, SEC officials allege.
Many of the customers were elderly, and most of them already had bought fixed or equity-indexed annuity products, officials allege.