Hector May, Formerly of Securities America, Accused in Alleged Ponzi Scheme

HECTOR ANTHONY MAY (HECTOR A MAY) CRD#: 323779, a 77 year-old financial advisor from Orangeburg, New York, has been accused of operating a Ponzi-like fraud by his former clients.  May worked as an investment contractor for Securities America since 1994.  Some of Hector May’s clients recently filed a complaint against the national brokerage house, accusing them of not properly supervising and auditing Hector May's investments of their money.
Nine clients allege that since May operated as a registered representative of Securities America, Securities America is responsible for his activities and that of his company, Executive Compensation Planners.  Once the investigation became known, May was dropped as an agent for Securities America.
Hector May and his wife agreed to an asset freeze in June, which also included his company assets. A March 2016 brochure mailed to clients from Executive Compensation Planners claims the firm handled more than $18 million in assets.
Hector May allegedly took advantage of his clients by selling them tax-free corporate bonds that never existed.  According to SEC records, Executive Compensation Planners was supposed to solicit programs through Securities America under SEC guidelines. However, the allegations in the FINRA papers stated that, May had wires sent and checks written directly to Executive Compensation Planners, and that he allegedly created fictitious statements and misappropriated client funds.  One of May’s larger investors wanted their money back and he couldn't provide it, so that is when the alleged fraud came to light.
According to FINRA’s BrokerCheck, Hector May was registered in the securities industry for 44 years and was listed with 5 firms, the most current below:
08/25/1998 - 03/16/2018  SECURITIES AMERICA, INC - NEW CITY, NY
07/29/1994 - 06/30/1998  SECURITIES AMERICA, INC
If you or a loved one were victims of the alleged Ponzi-like scheme of Hector May, formerly of Securities America of New City, New York, contact Soreide Law Group and speak to an experienced lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis—no fee if no recovery.
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