Hector May – Securities America – Recovery of Investment Losses
According to reports yesterday, the Securities and Exchange Commission has barred former Securities America broker Hector May for allegedly running a $7.9 million Ponzi scheme with his daughter who served as the controller of his investment advisory firm.
Hector May, the president of Executive Compensation Planners Inc., a now-defunct investment adviser and financial planning firm in New City, reportedly pleaded guilty December 13, 2018 to participating in a conspiracy to defraud investment advisory clients out of more than $11 million.
Shortly thereafter, the SEC reportedly charged May and his daughter, Vania Bell, with allegedly running a multimillion-dollar Ponzi scheme.
May reportedly served as president and chief compliance officer of Executive Compensation Planners Inc., an investment advisory firm registered in New York. According to his FINRA BrokerCheck report, May was a registered representative with Securities America in New York, NY for 24 years until he was fired in March 2018 for “misappropriation of client assets.”
May would allegedly offer to buy bonds for investment advisory clients, solicited their funds for the investments, and then transferred the money for personal expenses. At least 15 investment advisory clients were reportedly victims to May’s alleged scheme.
According to reports, May purportedly used his clients’ money to pay salaries, business and personal credit card bills, a limousine driver, luxury country club dues, home remodeling, travel, personal loans to friends, political contributions, a vacation home, and furs and jewelry for his wife.
May served as president and chief compliance officer of Executive Compensation Planners Inc., an investment advisory firm registered in New York. According to his FINRA BrokerCheck report, May was a registered representative with Securities America in New York, NY for 24 years until he was reportedly discharged in March 2018 for “misappropriation of clients assets.”
May pled guilty on December 13, 2018 to conspiracy to commit wire fraud, investment adviser fraud, and agreed to forfeit $11.5 million.
Hector May Ponzi Scheme
The White Law Group is investigating potential securities fraud claims involving Hector May and the liability his former employer, Securities America may have for failing to properly supervise him.
Those investors that incurred losses investing with May may be able to recover those losses through the FINRA arbitration process.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web atwww.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.