Were You the Victim of Securities America, Inc. Financial Advisor Hector May and His Ponzi Scheme?
Posted on Monday, August 13th, 2018 at 4:00 pm
Erez Law is currently investigating Securities America, Inc. financial advisor Hector May (CRD# 323779) regarding a ponzi scheme that defrauded many people including elderly investors. May has been registered with Securities America, Inc. in New City, New York from 1998 to 2018 and with Securities America, Inc. from 1994 to 1998, when he was terminated regarding, “Misappropriation of client assets.” May worked from a remote location for Securities America, Inc.
In March 2018, the U.S. Department of Justice opened an investigation into May regarding, “The U.S. Department of Justice is conducting an official criminal investigation of a suspected felony.”
According to public records, nine former customers of May filed a FINRA arbitration against May and Securities America, Inc. The complaint alleges that Securities America, Inc. failed to supervise May who is alleged to run a Ponzi-like scheme. According to the complaint, Securities America’s Inc. aided and abetted fraudulent practices conducted by May. It is alleged that May had wires and checks sent to Executive Compensation Planners instead of through Securities America, Inc. May also allegedly created fictitious statements and kept the client funds for his own personal use.
It is alleged that the victims reside throughout Long Island and upstate New York and northern Virginia. Many of the victims of this ponzi scheme are elderly people who entrusted May with their life savings.
May has been the subject of one customer complaint, according to his CRD report:
June 2018. “Claimants allege that the representative defrauded them, misappropriating their assets in a ponzi-style scheme.” The customers are seeking $1,074,487 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Securities America, Inc. may be liable for investment or other losses suffered by May’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.