SEC Issues Permanent Bar Follow Elder Financial Abuse Allegations

Our elder financial abuse lawyers are actively investigating claims against former broker Clarice Saw following allegations that she misappropriated $2.4 million from an elderly client. If you or a loved one suffered serious portfolio losses while working with Clarice Saw, our team can help you evaluate your legal options for recovering your funds.

If you are an investor who sustained serious portfolio losses while working with now fired Coastal Equities financial advisor Clarice Crystal Saw, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) right away. The US Securities and Exchange Commission (SEC) sued Saw for allegedly defrauding an elderly client of $2.4M and won. Our elder financial abuse lawyers are looking into these allegations as well as whether other customers were similarly harmed.

Saw was let go by Coastal Equities in 2023, where she was a registered representative for less than a year, following the SEC’s civil charges. Before that she was briefly a Cetera Investment Services broker and prior to that she was with Citigroup Global Markets, LPL Financial, and several other brokerage-dealers during her 25 years in the industry. Saw also was formerly a registered investment adviser at a number of these firms.

What Are The Elder Financial Abuse Claims Against Clarice Saw?

• The SEC contends that from around December 2021 through March 2022, Saw allegedly sought to misappropriate about $2.4M from an older customer.
• She purportedly did this by securing power of attorney from the client, falsifying records, liquidating all of this older investor’s assets without their consent, and transferring the money to her own accounts.
• Clarice Saw is accused of using part of the money she allegedly misappropriated to make mortgage and car payments, withdraw thousands of dollars in cash, and buy securities under her own name.

In April 2026, a US District Court ordered her to pay $640,587.30 in disgorgement, $98,144.04 in prejudgment interest, and a $640,587.30 civil penalty.

 

What Is Elder Financial Abuse By A Broker?

• This is when a financial advisor uses their professional role to misappropriate or mismanage an older customer’s money.
• It is a breach of a broker’s fiduciary duty and can leave a senior investor in serious financial peril.

Shepherd Smith Edwards and Kantas represents retirees, senior investors, and elderly investors who have suffered losses because their registered representative took advantage of them or was negligent with their funds. This is not the kind of investment loss recovery claim you want to make without skilled elder financial abuse attorneys on your side.

Why Are Elderly Investors Susceptible to Financial Advisor Fraud?

• Older investors are one of the most vulnerable groups when it comes to being defrauded by someone they know.
• Many of them have a nest egg, a retirement fund or a lifetime of savings accrued by this point in life.
• They also may be suffering from cognitive issues that can impact their judgment. This can make it easy for a scammer to take advantage of them and their money.
• Social isolation can compel a lonely senior to rely on someone they don’t know well but who claims to have their best interests in mind.
• Affinity schemes, such as those targeting church groups, retirement communities, or members of the same alumni, can create a false sense of trust because the fraudster is someone who is known by association.

Brokers can be held liable for scamming an older person or being reckless with their money through unsuitable investment recommendations, misrepresentations and omissions, overconcentration, negligence, selling away, Regulation Best interest violations, or some other type of broker misconduct. Broker fraud of a senior investor may lead to criminal charges against the financial advisor.

What Should I Do If I Suspect That I Or Someone I Love Is The Victim of Elder Financial Abuse Involving A Stockroker?

Contact our senior investor attorneys today to request your free case consultation. You can send us a message online or call (800) 259-9010.