Broker to Pay $2 Million in SEC Case Over Elderly Client Fraud

A broker-dealer who allegedly defrauded an elderly customer, misappropriating approximately $2.4 million and liquidating his securities holdings without consent, was ordered to pay $2 million to the SEC by a federal judge.

Clarice Saw will pay more than $640,000 each in disgorgement and a civil penalty, plus prejudgment interest, after Judge Paul G. Gardephe granted the SEC’s unopposed motion, having ruled in the agency’s favor on her liability in June 2025.

Saw used a portion of her client’s funds to pay car and mortgage payments, purchase securities for herself, and make cash withdrawals, according to the SEC’s 2023 complaint in ...