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Clarice Saw of Cetera: $2.4M Elder Fraud Charge

August 1, 2023

New York Investors: Losses with Clarice Saw? Contact KlaymanToskes

National investment fraud lawyers KlaymanToskes reports broker/investment advisor Clarice Saw (CRD# 2633118) has been hit with a fraud charge by the SEC for allegedly engaging in a scheme to steal $2.4 million from an elderly customer of Cetera Investment Services. 

Clarice Saw was registered with Cetera Investment Services in Flushing, NY from 2021 to 2022, and is currently registered with Coastal Equities Inc. in Wilmington, DE. Saw was also previously registered with Citigroup Global Markets in New York, NY.

Investors that suffered losses with Clarice Crystal Saw are encouraged to contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorneys’ fees unless we obtain a financial recovery for you.

Clarice Saw Charged with Defrauding Customer in $2.4M Scheme

According to an SEC complaint filed on July 28th, 2023 in the U.S. District Court for the Southern District of New York, from approximately December 2021 through March 2022, Saw engaged in a fraudulent scheme to misappropriate $2.4 million from a 87-year-old brokerage client, while registered with Cetera Investment Services.

Saw allegedly manipulated her elderly customer into signing a document granting her power of attorney, and liquidated all of the customer’s securities holdings without his authorization. Saw also allegedly used some misappropriated funds to purchase securities in her name for personal brokerage accounts.

The SEC further found that “Saw used a portion of the misappropriated funds to pay for her personal expenses, including approximately $100,000 in car and mortgage payments and thousands of dollars of cash withdrawals.” The regulator is seeking injunctive relief, disgorgement of ill-gotten gains with prejudgment interest and civil penalties.

KlaymanToskes’ Experience with Elder Financial Fraud:

KlaymanToskes is dedicated to the protection of the rights of elderly investors and their families. The law firm has historically represented a number of elderly clients and retirees, and has helped them restore their financial lifestyles through investment loss recovery.

In one current FINRA arbitration claim, KlaymanToskes represents a retired elderly couple whose financial advisor made unsuitable investment recommendations resulting in $650,000 in damages. The firm also currently represents a disabled retiree who sought low-risk investments with stable returns from his financial advisor, and instead received an unsuitable speculative stock portfolio that resulted in over $500,000 in damages. 

​​If you or a loved one have experienced elder exploitation, abuse, or fraud, contact attorney Lawrence L. Klayman, Esq. for a free consultation at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. All consultations are free and confidential. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you. 

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com