The SEC has barred former registered representative Clarice Saw from association with brokers, dealers, investment advisers and several other regulated securities businesses following a federal judgment tied to the alleged misappropriation of approximately $2.4 million from an elderly customer. Saw had worked in the securities industry from 1996 through 2022, giving the case an unusually long professional backdrop compared with many short-lived investment fraud matters. The September 21, 2026 administrative order does not create a new fraud allegation; instead, it converts the earlier civil judgment into a broad regulatory bar that can affect Saw's future ability to return to the securities industry. :chatgpt-content-reference{index="1"}
U.S. Securities and Exchange Commission (SEC)
Official Release: https://www.sec.gov/files/litigation/admin/2026/34-106445.pdf
Related SEC Litigation Release: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26537
NEWS:
The SEC's September 21, 2026 order states that Clarice Saw was associated with SEC-registered broker-dealers and investment advisers from February 1996 through June 2022. According to the Commission, a final judgment was entered against her in April 2026 in the Southern District of New York, permanently enjoining her from future violations of Securities Act Section 17(a), Exchange Act Section 10(b) and Rule 10b-5. The SEC's underlying complaint alleged 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 customer. :chatgpt-content-reference{index="2"}
The earlier federal judgment imposed substantial monetary consequences. The SEC's April 2026 litigation release states that Saw was ordered to pay $640,587.30 in disgorgement, $98,144.04 in prejudgment interest and a $640,587.30 civil penalty. That meant the civil case produced both permanent antifraud injunctions and more than $1.37 million in combined monetary relief. The later September administrative action addressed a separate question: whether Saw should remain eligible to associate with regulated securities firms after the judgment. :chatgpt-content-reference{index="3"}
The Commission answered that question by imposing a broad associational bar under Exchange Act Section 15(b)(6) and Advisers Act Section 203(f). Saw is now barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization. The order also explains that any future application for reentry would be subject to the applicable regulatory process and could depend on factors including compliance with SEC orders, court-ordered disgorgement or penalties, arbitration awards and restitution obligations. :chatgpt-content-reference{index="4"}
WHY THIS CASE MATTERS:
The Clarice Saw matter is important because it shows how an SEC enforcement case can continue in stages even after a federal court has entered a final judgment. The civil case determined liability and monetary relief, while the later administrative proceeding addressed professional eligibility. Investors researching a broker or adviser therefore should not stop with the first SEC complaint or court judgment; later administrative orders can materially change whether the individual may continue participating in the regulated securities industry.
The case also highlights the heightened due-diligence importance of customer vulnerability and custody of funds. An adviser or registered representative may have decades of industry experience and still become the subject of a serious enforcement action late in a career. Length of registration history, by itself, does not verify how client assets were handled. For investors—especially elderly clients or families assisting them—independent review of account statements, withdrawal activity, money movements and third-party authorizations can be more informative than relying solely on tenure or professional titles.
KEY POINTS:
- Clarice Saw worked with registered broker-dealers and investment advisers from 1996 through 2022.
- The SEC alleged that approximately $2.4 million was misappropriated from an elderly customer.
- The alleged conduct occurred between December 2021 and March 2022.
- A federal court entered a final judgment against Saw in April 2026.
- The judgment imposed $640,587.30 in disgorgement.
- Saw was also ordered to pay $98,144.04 in prejudgment interest and a $640,587.30 civil penalty.
- The SEC's September 21, 2026 order imposed a broad securities-industry associational bar.
- The new administrative order concerns professional eligibility and is distinct from the earlier monetary judgment.