May 2018-New City, New York
Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.
According to FINRA records May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.
In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.
Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.
If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud, call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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