2023-07-28 sec-litreleases litigation_release 64 KB 1,798 chars

SEC v. Clarice Saw, No. LR-25793, Southern District of New York (July 28, 2023) — Press Release

raw: Clarice Saw

Clarice Saw, No. LR-25793 (July 28, 2023)

Caption
SEC v. Clarice Saw
Source PDF JSON
summary

Former New York registered representative Clarice Saw was charged by the SEC for allegedly defrauding an elderly customer of approximately $2.4 million.

paragraph

Clarice Saw allegedly liquidated an elderly customer's securities without consent to misappropriate approximately $2.4 million between December 2021 and March 2022. The SEC charges include violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The commission is seeking injunctive relief, disgorgement with prejudgment interest, and civil penalties.

narrative

The SEC has charged Clarice Saw, a former registered representative at a New York broker-dealer, with a fraudulent scheme targeting an elderly brokerage customer. Between December 2021 and March 2022, Saw allegedly liquidated the customer's entire securities holdings without consent and transferred the proceeds to her personal accounts. She used approximately $2.4 million in misappropriated funds to cover personal expenses, including $100,000 in car and mortgage payments, and to fund her own brokerage account. The complaint, filed in the Southern District of New York, alleges violations of Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The SEC is seeking injunctive relief, disgorgement with prejudgment interest, and civil penalties. The investigation was conducted by the SEC's New York Regional Office.

Enriched metadata

Scheme
broker-dealer-fraud (100%)
Court
Southern District of New York
Victim loss
$2,400,000
Entity
Clarice Saw
Classified broker-dealer-fraud(confidence 100%). EDGAR detection: forms Form D· recall 29% / precision 9%. detection rule →
Statutes
Sections 17(a)(1) and 17(a)(2) of the Securities ActSections 17(a)(1) and 17(a)(2) of the Securities ActSections 17(a)(1) and 17(a)(2) of the Securities ActSection 10(b) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionClarice Saw
Keywords
sawsecuritiessecurities exchangenewsec'sexchange commissionregistered representativemisappropriated fundsclariceexchangesecregisteredallegesmisappropriatedbrokerage

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 2
  • $2.40M $2.4 million $1M–$10M
  • $100K $100,000 $100K–$1M
Entities 12
  • person civil penalties
  • person clarice saw
  • person injunctive relief
  • person jack kaufman
  • person neil hendelman
  • agency sec complaint
  • agency sec investigation
  • agency sec litigation
  • agency Securities and Exchange Commission
  • person sheldon mui
  • person tejal d. shah
  • company the customer's securities holdings
Triples 17
  • SEC announced charges Clarice Saw
  • Clarice Saw engaged in a fraudulent scheme
  • Clarice Saw misappropriated approximately $2.4 million from an elderly brokerage customer
  • Clarice Saw liquidated the customer's securities holdings
  • Clarice Saw transferred investment proceeds to her personal bank and brokerage accounts
  • Clarice Saw used a portion of the misappropriated funds to pay for personal expenses including approximately $100,000 in car and mortgage payments
  • Clarice Saw used additional misappropriated funds to purchase securities in her personal brokerage account
  • SEC complaint charges Clarice Saw with violating antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934
  • SEC seeks injunctive relief
  • SEC seeks disgorgement with prejudgment interest
  • SEC seeks civil penalties
  • SEC investigation conducted by Sheldon Mui
  • SEC investigation conducted by Jack Kaufman
  • SEC investigation conducted by Neil Hendelman
  • SEC investigation conducted by Gerald a. Gross
  • SEC investigation supervised by Tejal D. Shah
  • SEC litigation led by Jack Kaufman
PDF (from attached: complaint)
SEC v. CLARICE SAW · Source
Text layers
Extracted body text (1,798c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25793 / July 28, 2023 SEC Charges New York Registered Representative with Fraud The Securities and Exchange Commission today announced charges against Clarice Saw, a former registered representative at a New York broker-dealer, for allegedly defrauding a customer of approximately $2.4 million. The SEC's complaint alleges that between December 2021 and March 2022, while Saw was associated with a registered broker-dealer, she engaged in a fraudulent scheme and misappropriated approximately $2.4 million from an elderly brokerage customer. The complaint also alleges that Saw liquidated all of the customer's securities holdings without the customer's consent, and then transferred all of the investment proceeds to her own personal bank and brokerage accounts. The complaint further alleges 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, and that Saw used additional misappropriated funds to purchase securities in her own personal brokerage account. The SEC's complaint, filed in the United States District Court for the Southern District of New York, charges Saw with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties. The SEC's investigation was conducted by Sheldon Mui, Jack Kaufman, Neil Hendelman, and Gerald A. Gross, and supervised by Tejal D. Shah, all of the New York Regional Office. The SEC's litigation will be led by Mr. Kaufman. SEC Complaint
OCR text (1,798c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25793 / July 28, 2023 SEC Charges New York Registered Representative with Fraud The Securities and Exchange Commission today announced charges against Clarice Saw, a former registered representative at a New York broker-dealer, for allegedly defrauding a customer of approximately $2.4 million. The SEC's complaint alleges that between December 2021 and March 2022, while Saw was associated with a registered broker-dealer, she engaged in a fraudulent scheme and misappropriated approximately $2.4 million from an elderly brokerage customer. The complaint also alleges that Saw liquidated all of the customer's securities holdings without the customer's consent, and then transferred all of the investment proceeds to her own personal bank and brokerage accounts. The complaint further alleges 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, and that Saw used additional misappropriated funds to purchase securities in her own personal brokerage account. The SEC's complaint, filed in the United States District Court for the Southern District of New York, charges Saw with violating the antifraud provisions of Sections 17(a)(1) and 17(a)(2) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties. The SEC's investigation was conducted by Sheldon Mui, Jack Kaufman, Neil Hendelman, and Gerald A. Gross, and supervised by Tejal D. Shah, all of the New York Regional Office. The SEC's litigation will be led by Mr. Kaufman. SEC Complaint

Related documents (1)