Former Cetera Broker Clarice Saw Charged With Fraud By SEC

Clarice Saw (Clarice Crystal Saw CRD 2633118, aka “Chin Saw,” “Clarice Chin Saw”) was previously employed by Cetera Investment Advisers LLC (CRD# 105644 and 1540) of Flushing, NY, Citigroup Global Markets Inc. (CRD# 7059) of New York, NY, and LPL Financial LLC (CRD# 6413) of Ardsley, NY. She has been in the industry since 1996.

On July 28, the SEC announced that it has filed fraud charges against Saw in a $2.4 million case of misappropriation. The SEC’s complaint alleges that Saw “engaged in a fraudulent scheme” and drained the accounts of an elderly customer. Acting without customer consent, Saw liquidated all the customer’s assets and transferred the proceeds to her personal bank and brokerage accounts.

Saw allegedly used $100,000 of these funds to pay her mortgage and car payments plus other personal expenses. In addition to thousands of dollars in cash withdrawals, she also purchased securities in her own brokerage account with these misappropriated funds. The SEC is seeking injunctive relief, disgorgement of the misappropriated funds with prejudgment interest, and other additional civil penalties. The SEC’s complaint was filed in the United States District Court for the Southern District of New York. While the SEC’s press release calls Saw a “former registered representative at a New York broker-dealer,” FINRA’s BrokerCheck still shows her as currently registered.

In a previous disclosure in Saw’s FINRA record, Saw took voluntary resignation from her employment with Cetera Investment Services on 5/31/21. The company listed the reason as, “terminated by the Financial Institution with whom the Firm has a Networking Agreement.” No additional information is available.

Elder Financial Fraud And Securities Arbitration

Seniors and others reasonably rely on their financial advisors to properly manage their account. However, sometimes this trust is abused and FINRA has recognized a rise in complaints relating to elder financial abuse, theft of client funds and mistrust in advisors who improperly take a role in a clients estate either as a trustee or beneficiary.

Three prior disclosures by Saw are all customer disputes:

Filed on 6/9/2016, this customer alleged that Saw “misrepresented” a variable annuity purchased in November 2013. This claim was denied.
Filed on 1/28/2008, this claim alleged that Saw failed to follow the client’s request to sell mutual funds, resulting in a loss of $11,636.54 after the trading was adjusted. This claim was settled for that amount.
Filed on 9/13/2006, this claim alleged that Saw failed to notify the customer of possible market fluctuations. The claim was settled for the requested damages amount of $6,219.51 to avoid the costs associated with potential litigation.

Did You Invest With Clarice Crystal Saw?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.