A former Cetera registered rep liquidated and stole about $2.4 million of an elderly brokerage customer’s securities holdings, according to charges filed by the Securities and Exchange Commission.
The commission accused Clarice Saw of fraud in U.S. federal court in New York, tying the allegations to her alleged conduct between December 2021 and March 2022.
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Though the firm isn’t named in the complaint, Saw worked with Cetera during this time period, according to her BrokerCheck profile. Saw worked with a wide array of firms since entering the industry in 1996, including multi-year stints at Metlife and LPL Financial.
Saw is based out of Pleasantville, N.Y. and joined Cetera in October 2021 after a five-year stint at Citigroup; she’s currently working at Delaware-based firm Coastal Equities, according to BrokerCheck. FINRA recently charged a former Coastal rep with convincing clients to invest more than $2 million in illiquid alt investments and falsifying information about their risk tolerance.
( This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.wealthmanagement.com/regulation-compliance/sec-charges-former-cetera-rep-stealing-24m-elderly-client)