I'm reluctant to offer any reply at all to someone with such a horrible username (I'm a diehard Duke fan and charter member of the ABC club), but guess I'll lower myself.
It really depends, I think, on where the person got the contact information and what additional information he/she has and whether they have a right to that information. If they took proprietary financial information from their former employer, then I'd have a serious issue about using that information. (I'd also have serious issues about the integrity of that employee and would be wondering what information of mine they'll take to their next employer). But if they've got names and phone numbers and just using their memory of what transactions they dealt with, that wouldn't necessarily violate any privacy regs. Now if they are calling these individuals, you would have to screen against the national "Do Not Call" list and any state list. The fact that the rep had a prior business relationship does not carry over to the new employer.
Hope this helps.