SEC v. Clarice Saw — U.S. Securities and Exchange Commission Litigation Release No. 26537, dated April 23, 2026.
The SEC charged Clarice Saw, a former registered representative, with misappropriating approximately $2.4 million from an elderly customer. The court found Saw liable for securities fraud and ordered her to pay disgorgement, prejudgment interest, and a civil penalty. The SEC obtained a final judgment against Saw, permanently enjoining her from future violations.
Imagine someone was trusted to manage an older person's savings. Instead of investing it safely, they secretly took a large amount of that money for themselves. This is like a trusted friend taking money from your piggy bank without asking. The court stepped in and ordered the person to return the stolen money, pay extra as a penalty, and promised they wouldn't be allowed to do this kind of thing again.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
On April 15, 2026, the U.S. District Court for the Southern District of New York entered a final judgment against Clarice Saw, a former registered representative. The SEC's complaint, filed July 28, 2023, alleged that between December 2021 and March 2022, Saw misappropriated approximately $2.4 million from an elderly customer. The court found Saw liable for violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933. The final judgment permanently enjoins Saw from violating these provisions and orders her to pay disgorgement of $640,587.30, prejudgment interest of $98,144.04, and a civil penalty of $640,587.30.
Named in this action: Clarice Saw.