InvestmentFraudLawyers.com, the consumer-facing brand of Haselkorn & Thibaut, P.A., is tracking the SEC enforcement action against Clarice C. Saw (also known as Clarice Crystal Saw and Clarice Chin Saw, CRD# 2633118). The Securities and Exchange Commission (SEC) filed a civil complaint in July 2023 alleging that Saw misappropriated approximately $2.4 million from an elderly brokerage customer. A federal court entered a final judgment against her in April 2026, and the SEC later issued a permanent administrative bar. We review the public record and what it may mean for investors who believe a broker or firm caused them losses.
Who is Clarice C. Saw?
Table of Contents
Saw has been in the securities industry since 1996, according to her Financial Industry Regulatory Authority, or FINRA, BrokerCheck report. She passed the Series 6, Series 7, Series 63, Series 65 and Securities Industry Essentials (SIE) examinations. Over roughly three decades, she was registered with more than a dozen firms. Her recent registrations include Coastal Equities, Inc. in Wilmington, Delaware, from November 2022 through August 2023; Cetera Investment Services LLC from September 2021 through June 2022; and Citigroup Global Markets Inc. from November 2016 through September 2021. She is not currently registered.
What the SEC alleged
On July 28, 2023, the SEC filed Securities and Exchange Commission v. Clarice Saw, Case 1:23-cv-06573, in the United States District Court for the Southern District of New York. The complaint alleges that, from approximately December 2021 through March 2022, Saw engaged in a fraudulent scheme to misappropriate about $2.4 million from an elderly brokerage customer while she was associated with a registered broker-dealer.
The alleged method was layered. Saw is accused of obtaining a power of attorney from the customer by deception, falsifying internal records at the broker-dealer, liquidating all of the customer’s securities holdings without authorization, and transferring the proceeds into her own personal bank and brokerage accounts. The SEC claims she used roughly $100,000 of the money for car and mortgage payments, withdrew thousands of dollars in cash, and used additional funds to purchase securities in her own accounts. The complaint asserts violations of Securities Act of 1933 Sections 17(a)(1) and 17(a)(2), Securities Exchange Act of 1934 Section 10(b), and Exchange Act Rule 10b-5.
| Event | Date | Detail |
|---|---|---|
| SEC complaint filed | July 28, 2023 | Alleged $2.4 million misappropriation from elderly customer |
| Coastal Equities discharge | Aug. 1, 2023 | Firm discharged Saw after SEC complaint alleged prior-firm misappropriation |
| Final judgment | Apr. 15, 2026 | S.D.N.Y. permanent injunction plus disgorgement, interest and civil penalty |
| SEC administrative bar | Sept. 21, 2026 | Permanent bar from association with broker-dealers, investment advisers and related entities |
The court judgment and sanctions
On April 15, 2026, Judge Paul G. Gardephe entered a final judgment against Saw in the Southern District of New York. The judgment permanently enjoined her from future violations of the cited securities laws and ordered the following monetary sanctions:
| Sanction | Amount |
|---|---|
| Disgorgement | $640,587.30 |
| Prejudgment interest | $98,144.04 |
| Civil penalty | $640,587.30 |
| Total | $1,379,318.64 |
On September 21, 2026, the SEC issued an administrative order in Docket No. 3-22738 that permanently barred Saw from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization. Saw consented to the order without admitting or denying the findings.
Prior customer disputes and terminations
BrokerCheck also lists earlier customer disputes. In 2006, while at Citicorp Investment Services Inc., a customer settled a variable-annuity complaint for $6,219.51. In 2008, while at Citigroup Global Markets Inc., a customer settled a mutual-fund complaint for $11,636.54. In 2016, LPL Financial LLC denied a variable-annuity misrepresentation complaint alleging damages over $5,000.
Saw’s employment record includes two separation disclosures. Coastal Equities, Inc. discharged her on August 1, 2023, after the SEC complaint alleged she misappropriated funds from a client while associated with a prior firm. Cetera Investment Services LLC reported a voluntary resignation on May 31, 2021, with an internal note that the firm was looking into allegations of usage of an undisclosed power of attorney for a client.
Why this matters for investors
Cases like this raise questions about broker-dealer supervision failures and the red flags that may precede broker misconduct. An elderly investor reportedly lost access to a lifetime of savings within months. Unauthorized liquidations, unexplained transfers and the misuse of a power of attorney are precisely the kinds of signals that firms are expected to detect through account monitoring and supervisory review. When those systems fail, investors may have claims against both the individual broker and the employing firm.
The case also sits at the intersection of securities fraud and elder financial abuse recovery. Older investors are frequent targets of financial exploitation. Brokerage firms have obligations under FINRA rules and SEC guidance to watch for signs of abuse, including unusual withdrawals, new third-party beneficiaries and sudden changes in account control.
What investors can do
If you or a family member had an account handled by Clarice C. Saw and noticed unauthorized transactions, missing funds, sudden changes in account ownership, or pressure to sign a power of attorney, consider taking these steps:
- Request complete account statements and trade confirmations for the relevant period.
- Save any emails, texts or notes from meetings with the broker.
- File a complaint with FINRA and the SEC if you suspect misconduct.
- Consult a securities attorney to evaluate whether a FINRA arbitration claim or civil action is appropriate.
How we can help
Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers, represents investors who have suffered losses due to broker misconduct, firm failures to supervise, and elder financial exploitation. Our partners are former Wall Street defense attorneys who now use that insider knowledge to advocate for individual investors. We operate on a contingency-fee basis: no recovery, no fee.
If you believe Clarice C. Saw or a related firm caused your losses, call 1-888-885-7162 or visit InvestmentFraudLawyers.com for a confidential case review. The consultation is free, and you owe nothing unless we recover money for you.
Frequently asked questions
What is Clarice C. Saw’s CRD number?
Her FINRA Central Registration Depository number is 2633118. Investors can search it at brokercheck.finra.org.
What did the SEC allege Clarice Saw did?
The SEC alleges Saw misappropriated approximately $2.4 million from an elderly brokerage customer between December 2021 and March 2022 by obtaining a power of attorney by deception, falsifying records, liquidating the customer’s securities without authorization, and transferring the funds to her own accounts.
Was Clarice Saw permanently barred from the securities industry?
Yes. The SEC issued a permanent bar on September 21, 2026, following a federal court judgment entered against her on April 15, 2026.
Can investors recover losses connected to Clarice Saw?
Investors who lost money may have claims against the broker, the employing firms, or both. Our firm reviews these cases on a contingency-fee basis. Call 1-888-885-7162 to discuss your situation.
Past results do not guarantee future outcomes. This page provides general information and is not legal advice. No attorney-client relationship is formed by reading this content.
There is no assured recovery in any securities matter. Consult a qualified attorney regarding your specific situation.