The allegations read: The securities and exchange commission (the "commission"), for its complaint against clarice saw ("saw" or "defendant"), alleges that 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 while she was associated with a registered broker-dealer. Saw carried out her scheme by obtaining by deception a power of attorney from the customer, falsifying internal records at the broker-dealer, liquidating all of the customer's securities holdings at the broker-dealer without the customer's authorization, and transferring all of the customer's holdings at the broker-dealer 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"), and section 10(b) of the securities exchange act of 1934 ("exchange act") and rule 10b-5 thereunder.
