According to FINRA, Jason Michael Poschinger has been assessed a deferred fine of $20,000 and suspended from association with any FINRA member in all capacities for six months for downloading and misusing confidential customer information.

After accepting an employment offer from another FINRA member firm, Poschinger downloaded files from his firm's databases containing customer names, Social Security numbers, phone numbers, addresses, birth dates, account numbers, and account values. He transmitted this information to his personal email addresses without informing his firm or giving customers notice and opportunity to prevent the transfer.

His firm discovered the breach and terminated him. Poschinger then signed an affidavit falsely attesting that he had not and would not share the information with third parties, had permanently deleted it, no longer possessed it, and would not use it to contact the firm's customers.

In reality, before signing the affidavit, Poschinger had already transmitted the information to his new business email, submitted it to his new firm to identify customers as his clients, and used it to contact customers and invite them to transfer their business to his new firm.

Poschinger also made false statements to his new firm by representing that the customer information was publicly available or known to him independently when it was not.

Additionally, Poschinger opened securities accounts at other firms without obtaining required consent from his employer.

This case highlights serious privacy and data security concerns. When representatives improperly take customer information, they expose customers to identity theft risks and violate their privacy rights.

If you were a customer whose information may have been compromised, you should monitor your accounts and credit reports carefully.