A claim recently filed before NASD accuses Charles Schwab Corp. of elder abuse in its sale of variable annuities.

Sunny Matalon, a 71-year-old retired woman, is seeking securities arbitration against Schwab. She claims that the brokerage sold her improper investment products to finance her retirement, including variable annuities.

"This case presents a gross example of elder abuse," the filing said. Alison Wertheim, a spokeswoman from Schwab, wrote in an e-mail, "We're confident the arbitration will find this complaint is without any merit."

Several class actions filed in a California federal court last week allege that Merrill Lynch & Co., Morgan Stanley, and Linsco/Private Ledger Corp. engaged in improper sales of variable annuities.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.