- July 31, 2023
- Coastal Equities
Clarice Saw (CRD#: 2633118) is a registered Broker and an Investment Adviser at Coastal Equities, Inc., in Wilmington, DE.
She entered the securities industry in 1996 and previously worked for Cetera Investment Advisers, LLC; Cetera Investment Services, LLC; Citigroup Global Markets, Inc.; LPL Financial, LLC; Signature Securities Group; Citicorp Investment Services; ABN Amro Financial Services, Inc.; Essex National Securities, Inc.; MetLife Securities, Inc.; Metropolitan Life Insurance Company; and Chase Investment Services Corp.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2023, an enforcement action was filed against Clarice Saw by the United States Securities & Exchange Commission. The allegation states, “From approximately December 2021 through March 2022, Saw engaged in a fraudulent scheme to misappropriate approximately $2.4 million from an elderly brokerage client of hers (“Customer”) while she was associated with a registered broker-dealer (“Registered BDA”). Saw carried out her scheme by obtaining by deception a power of attorney from the Customer, falsifying internal records at Registered BD-A, liquidating all of the securities holdings at Registered BD-A without the Customer’s authorization, and transferring all of the Customer’s holdings at BD-A to Saw’s own personal bank and brokerage accounts without the Customer’s authorization. Saw used a portion of the misappropriated funds to pay for her personal expenses, including approximately $100,000 in car and mortgage payments and thousands of dollars of cash withdrawals. Saw used additional misappropriated funds to purchase securities in her name in her personal brokerage accounts. By virtue of the foregoing conduct and as alleged further herein, Defendant Saw has violated Sections 17(a)(1) and (a)(2) of the Securities Act of 1933 (“Securities Act”) [15 U.S.C. §§ 77q(a)(1) and (a)(2)], and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]. 5. Unless Defendant is restrained and enjoined, she will engage in the acts, practices, transactions, and courses of business set forth in this Complaint or in acts, practices, transactions, and courses of business of similar type and object.” The civil action is pending.
For a copy of the court filing, click here.
In addition, Clarice Saw has been the subject of four customer complaints, including the following:
- May 2021 — Clarice Saw voluntarily resigned from Cetera Investment Services, LLC. The allegation states, “Terminated by the Financial Institution with whom the Firm has a Networking Agreement.”
- June 2016 — “Customer alleges that variable annuity purchased in November 2013 was misrepresented. Requested damages are estimated to exceed $5,000.” The customer dispute was denied.
- January 2008 — “CLIENT VERBALLY ALLEGED FA FAILED TO FOLLOW INSTRUCTIONS TO SELL MUTUAL FUNDS – 1/7/08. DAMAGES UNSPECIFIED.” The customer dispute was settled for $11,636.54.
- September 2006 — “THE CLIENT ALLEGED THAT IF MS.SAW “INFORMED [HER] THAT … [THE INVESTMENT] WOULD BE SUBJECT TO THE MARKET FLUCTUATIONS EVEN IF CANCELED WITHIN THE 10 DAY FREE LOOK PERIOD, [SHE] WOULD NEVER HAVE AGREED TO THIS CONTRACT.” The customer dispute was settled for $6,219.51.
For a copy of Clarice Saw’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
In addition, to the extent a Financial Advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.