Monday, July 12, 2010

MA Securities Regulators Leaks SSNs of Advisers

According to Investmentnews.com advisers in Massachusetts were stunned after receiving a letter from the Massachusetts Securities Division, announcing that the regulator had accidentally leaked personal information on some 139,000 advisers registered in the Bay State.

The regulator, which headed by Secretary of State William F. Gavin accidentally released the social security numbers of 139,000 state registered investment advisers. According to the article a spokesman for the securities division downplayed the privacy breach stating "the important thing is there was no breach and that the material was returned in tact."

More political doublespeak? The release of the social security numbers of over 100,000 individuals is not a security breach? If an adviser made that type of statement to the Massachusetts securities division, they would be filing charges for misrepresentation - not to mention the violation of state privacy acts for the underlying breach - accident or not.

Why do the regulators get a pass for this violation? Is someone being fired and having their permanent record permanently marked?

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