Investor Lawyers Blog
According to publicly available records via FINRA BrokerCheck, former Securities America, Inc. (CRD# 10205, hereinafter “Securities America”) financial advisor Hector A. May (CRD# 323779, hereinafter “Hector May”) is currently under investigation by the U.S. Department of Justice (DOJ) and the Attorney for the Southern District of New York concerning allegations of investment fraud. Specifically, certain former customers of Hector May have recently come forward, alleging that Mr. May solicited investments in purported “tax-free” corporate bonds.
A long-time resident of Rockland County, New York, Hector May maintained an office in New City, New York, from which he conducted business through his registered investment advisory (RIA) firm: Executive Compensation Planners, Inc. (CRD# 116375) (“ECPI”). Upon information and belief, Hector May’s ECPI clientele included investors in the following states: New York, Connecticut, New Jersey, Pennsylvania, Maryland, Virginia, North Carolina, and Florida. Publicly available information indicates that ECPI was formed as a New York corporation in December 1982. SEC records reflect that Mr. May’s registration with the securities regulator was terminated on May 1, 2018.
Hector May was affiliated with the independent broker-dealer Securities America from 1994 until March 2018. On or about March 9, 2018, Securities America reportedly discharged Mr. May due to allegations concerning “misappropriation of client assets.” Subsequently, on June 6, 2018, the United States Attorney for the Southern District of New York implemented an asset freeze pursuant to a Restraining Order against Mr. May and his wife, Sonia May, with their consent. Through the government’s restraining order, numerous assets have been frozen, including ECPI assets, as well as various bank and brokerage accounts, pension and social security benefits, as well as real assets including the May’s Orangeburg residence.
As recently reported, former financial advisor Hector Anthony May (CRD# 323779) was recently discharged from employment by Securities America, Inc. (“Securities America”) (CRD# 10205) on or about March 9, 2018. Mr. May’s termination by Securities America, which is Ladenburg Thalman’s largest subsidiary and the tenth largest independent broker-dealer in the nation, occurred the day after the U.S. Department of Justice disclosed an investigation into a suspected felony concerning Mr. May’s business activities as a New City, New York financial advisor. Specifically, allegations have been raised suggesting that Mr. May bilked his clients out of millions of dollars through the use of phony account statements and purported offers to invest in “tax-free corporate bonds.”