The Securities and Exchange Commission (SEC) recently announced charges against, CLARICE CRYSTAL SAW (CLARICE SAW, CHIN SAW, CLARICE CHIN SAW) for allegedly defrauding an elderly client of approximately $2.4 million. According to the allegations, Saw then used the funds to finance her own personal spending.
According to the SEC complaint, the alleged victim is a retired 87-year-old former janitor living in New York. He does not speak or read English and is an immigrant from the same ethnic background as Saw. CLARICE SAW also speaks his native language.
In an article from Investmentnews.com, CLARICE SAW, was allegedly working at Cetera Investment Advisers and Cetera Investment Services in Flushing, New York, during the time frame cited in the complaint. The complaint did not name her employer.
Investmentnews.com adds that according to the SEC complaint, Saw allegedly used deception to obtain a power of attorney from the elderly client. Saw apparently began working with the client in July 2020 when she was with Citigroup Global Markets Inc. in New York. While at Cetera, Saw allegedly falsified internal records, liquidated all of the client’s securities holdings without his authorization and transferred all of the client’s holdings to her personal bank and brokerage accounts without the client’s authorization, according to the SEC complaint.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, CLARICE SAW was previously registered both as a broker and as an investment advisor. Saw was in the securities industry for 25 years and was listed with 11 firms.
CLARICE SAW has four disclosures on her FINRA CRD report. Of the four disclosures, three are “Customer Disputes,” and one is an “Employment Separation After Allegations,” from CETERA INVESTMENT SERVICES LLC dated May 31, 2021. It was a “Voluntary Resignation” following the allegations of, “Terminated by the Financial Institution with whom the Firm has a Networking Agreement.”
If you or an elderly loved one have experienced financial losses due to the actions or recommendations of the former Cetera and/or Citigroup broker/financial advisor, CLARICE SAW, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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