Broker Hector May Investigated For Possible Ponzi Scheme And Defrauding Clients of $3.4M

Hector May (CRD #323779) is a former registered broker and investment advisor, last employed with Securities America, Inc. (CRD #10205) of New York City. His previous employers include Prime Capital Services, Inc. (CRD #18334) of Poughkeepsie, NY, Equico Securities, Inc. (CRD #6627) and The Equitable Life Assurance Society Of The United States (CRD #4039) of New York City. He has been in the industry since 1973.

May has three disclosures filed this year. The first, on 03/08/2018, is an official criminal investigation by the US Department of Justice for a “suspected felony.”  No additional information is available.

On 3/9/2018, May was discharged from Securities America due to “Misappropriation of client assets.”

The next disclosure was a customer dispute filed on 06/25/2018, alleging “that the representative defrauded them, misappropriating their assets in a Ponzi-style scheme.”  The requested damages total $3,437,435.30. This case is currently listed as “pending.”

Ponzi schemes and other frauds continue to grow in complexity.  Financial advisors, stockbrokers and investment advisors all have access to client’s information and trust.  Elder investors are frequent targets of gross misconduct by bad advisors.  Broker theft cases are all too common.  Investors may be able to pursue securities arbitration claims to recover losses.

Did You Invest With Hector May?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  Most cases handled on a contingent fee basis. This means that you won’t any pay legal fees unless we are successful. Call us toll free at 800-975-4345, or use our online contact form to get in touch.