SEC Press press_release 64 KB 1,564 chars

Clarice Saw

summary

Clarice Saw, a former New York registered securities representative, misappropriated $2.4 million from an elderly customer between December 2021 and March 2022, leading to a final SEC judgment ordering her to pay over $1.38 million in disgorgement, interest, and penalties, plus a permanent injunction for violating Sections 10(b), 17(a), and Rule 10b-5 of federal securities laws.

paragraph

Clarice Saw, a former registered representative in New York, misappropriated approximately $2.4 million from an elderly customer between December 2021 and March 2022, in violation of Section 10(b) of the Securities Exchange Act, Rule 10b-5, and Section 17(a) of the Securities Act. On July 25, 2025, the U.S. District Court for the Southern District of New York granted summary judgment in favor of the SEC, finding her liable, and on April 15, 2026, entered a final judgment ordering her to pay $640,587.30 in disgorgement, $98,144.04 in prejudgment interest, and a $640,587.30 civil penalty. The judgment also permanently enjoins Saw from future violations of federal securities laws.

narrative

Clarice Saw, a former registered representative associated with a New York broker-dealer, engaged in a fraudulent scheme between December 2021 and March 2022 to misappropriate approximately $2.4 million from an elderly customer. The U.S. Securities and Exchange Commission filed a civil enforcement action against her on July 28, 2023, alleging violations of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, and Section 17(a) of the Securities Act of 1933. On July 25, 2025, the U.S. District Court for the Southern District of New York granted the SEC’s motion for summary judgment, finding Saw liable for these violations. On April 15, 2026, the court entered a final judgment permanently enjoining Saw from future securities law violations and ordering her to pay $640,587.30 in disgorgement, $98,144.04 in prejudgment interest, and a civil penalty of $640,587.30, totaling over $1.38 million in monetary relief. The SEC’s litigation was led by Oren Gleich and Sheldon Mui, and supervised by Jack Kaufman and Mark Sylvester of the New York Regional Office. The case underscores the SEC’s enforcement focus on the exploitation of vulnerable investors by financial professionals.

Enriched metadata

Scheme: broker-dealer-fraud (100%)
Court: Southern District of New York
Outcome: charged · 2023-07-28
Disgorgement: $640,587
Civil penalty: $640,587
Victim loss: $2,400,000

Classified broker-dealer-fraud(confidence 100%). EDGAR detection: forms Form D· recall 29% / precision 9%. detection rule →

Extracted insights

Dollar amounts 3

$2.40M $2.4 million $1M–$10M
$641K $640,587 $100K–$1M
$98K $98,144 $10K–$100K

Entities 7

person against clarice saw
person clarice saw
person jack kaufman
person mark sylvester
person oren gleich
agency Securities and Exchange Commission
person sheldon mui

Triples 15

SEC obtained final judgment against Clarice Saw
Clarice Saw misappropriated $2.4 Million From Customer
Clarice Saw engaged in fraudulent scheme Between December 2021 And March 2022
Clarice Saw violated Section 10(b) Of Securities Exchange Act Of 1934 And Rule 10b-5
Clarice Saw violated Section 17(a) Of Securities Act Of 1933
Court ordered Saw to pay disgorgement $640,587.30
Court ordered Saw to pay prejudgment interest $98,144.04
Court ordered Saw to pay civil penalty $640,587.30
Oren Gleich led SEC litigation Against Clarice Saw
Sheldon Mui led SEC litigation Against Clarice Saw
Jack Kaufman supervised SEC litigation Against Clarice Saw
Mark Sylvester supervised SEC litigation Against Clarice Saw
SEC filed complaint on July 28, 2023
Court granted summary judgment on July 25, 2025
Court entered final judgment on April 15, 2026

View original SEC press releasesec.gov

Extracted body text (1,564c)

U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26537 / April 23, 2026Securities and Exchange Commission v. Clarice Saw, 23 Civ. 6573 (S.D.N.Y. filed July 28, 2023)SEC Obtains Final Judgment as to Former New York Registered Representative Charged with Misappropriating Customer FundsOn April 15, 2026, the United Stated District Court for the Southern District of New York entered a final judgment as to Clarice Saw in the SEC’s civil enforcement action against her.The SEC’s complaint, filed on July 28, 2023, alleged that between December 2021 and March 2022, Saw, while associated with a registered broker-dealer, engaged in a fraudulent scheme and misappropriated approximately $2.4 million from an elderly customer.On July 25, 2025, the Court granted the SEC’s motion for summary judgment, finding 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. On March 27, 2026, the Court granted the SEC’s motion for monetary and injunctive relief against Saw. The final judgment permanently enjoins Saw from violating the above-stated provisions of the federal securities laws by committing or engaging in specified actions or activities relevant to such provisions, and further orders Saw to pay disgorgement of $640,587.30, prejudgment interest of $98,144.04, and a civil penalty of $640,587.30.The SEC's litigation was led by Oren Gleich and Sheldon Mui, and supervised by Jack Kaufman and Mark Sylvester, all of the SEC’s New York Regional Office.

OCR text (1,564c · plain-text · 99% conf)

U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26537 / April 23, 2026Securities and Exchange Commission v. Clarice Saw, 23 Civ. 6573 (S.D.N.Y. filed July 28, 2023)SEC Obtains Final Judgment as to Former New York Registered Representative Charged with Misappropriating Customer FundsOn April 15, 2026, the United Stated District Court for the Southern District of New York entered a final judgment as to Clarice Saw in the SEC’s civil enforcement action against her.The SEC’s complaint, filed on July 28, 2023, alleged that between December 2021 and March 2022, Saw, while associated with a registered broker-dealer, engaged in a fraudulent scheme and misappropriated approximately $2.4 million from an elderly customer.On July 25, 2025, the Court granted the SEC’s motion for summary judgment, finding 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. On March 27, 2026, the Court granted the SEC’s motion for monetary and injunctive relief against Saw. The final judgment permanently enjoins Saw from violating the above-stated provisions of the federal securities laws by committing or engaging in specified actions or activities relevant to such provisions, and further orders Saw to pay disgorgement of $640,587.30, prejudgment interest of $98,144.04, and a civil penalty of $640,587.30.The SEC's litigation was led by Oren Gleich and Sheldon Mui, and supervised by Jack Kaufman and Mark Sylvester, all of the SEC’s New York Regional Office.