SEC Barred Financial Advisor Over Fraud Charges
Clarice Crystal Saw settled allegations of misappropriating $2.4 million from an elderly client.
Updated on Oct. 1, 2026 in Financial Crime
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The Securities and Exchange Commission has barred financial advisor Clarice Crystal Saw after she settled fraud charges. Saw allegedly misappropriated $2.4 million from an elderly client between December 2021 and March 2022.
Why it matters
The case highlights the ongoing risk of financial exploitation facing elderly investors, who are often targeted by those in positions of trust. Protecting seniors from such fraud remains a critical priority for federal regulators.
The SEC finalized its enforcement action against Clarice Crystal Saw on September 21, 2026. The agency has barred Saw from the industry following the discovery that she funneled $100,000 of the stolen funds into personal mortgage and car payments.
The players
Clarice Crystal Saw
She is a former financial advisor who worked at 11 different firms before being barred by the SEC.
Securities and Exchange Commission
This is the federal agency responsible for protecting investors and maintaining fair, orderly, and efficient markets.
Cetera Investment Services
This is a financial firm that operated an office in Flushing, New York, where Saw was employed.
The details
Saw obtained power of attorney from a customer while working at Cetera Investment Services in Flushing, New York, using the authority to liquidate securities and transfer holdings to her own accounts. She worked at the firm between September 2021 and June 2022.
Timeline
September 2021 to June 2022: Saw was registered with Cetera Investment Services.
December 2021 to March 2022: The period during which the alleged financial fraud occurred.
September 21, 2026: Clarice Crystal Saw settled the fraud charges with the SEC.
September 2026: The SEC officially barred Clarice Crystal Saw from the industry.
Legal Context
This case aligns with broader patterns where elderly investors are targeted for their assets, often by those they trust. With U.S. seniors losing $28.3 billion annually to exploitation, regulators are intensifying scrutiny on advisors who manage accounts for vulnerable populations.
Residents in the area should ensure they regularly monitor their investment statements and verify the credentials of their financial advisors. It is also recommended that seniors and their families review legal power of attorney agreements periodically to prevent unauthorized access.
The takeaway
Investors of all ages should remain vigilant by keeping a close eye on their brokerage accounts and bank transactions. Always report suspicious activity to authorities immediately to prevent minor discrepancies from escalating into significant financial losses.
Further reading
Learn more about local efforts to combat fraud in New York City Financial Crime.
Source note: This article includes information reported by InvestmentNews.
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