SEC Says Broker Preyed On Old Clients

SAN FRANCISCO (CN) - Sidney Mondschein, a Castro Valley securities broker, illegally sold names and private financial information of 500 elderly clients to insurance agents across the country, so the insurers could solicit the old-timers to buy more annuities; and he created co-defendant UCNI Inc. to conceal his frauds, the SEC claims in Federal Court. See complaint.

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