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Investigations

Hector May— Alleged Misappropriation of Client Assets, Ponzi Scheme

Hector May, Formerly of  Securities America, Allegedly Misappropriated Customer Funds

Have you or a loved one lost your hard-earned money investing with former Securities America broker Hector A. May?

Hector A. May, who was reportedly terminated by Securities America, allegedly misappropriated customer funds in a scheme that holds all the reported telltale signs of a Ponzi scheme, according to Reports from the U.S. Attorney’s Office in Manhattan under review by attorney Paul Scarlato.

Attorney Paul Scarlato, of the Goldman Scarlato & Penny, P.C. law firm, is investigating activity related to Hector May’s alleged misappropriation of client assets. Investors who believe they may have lost money in activity related to Hector May’s alleged misappropriation of client assets are encouraged to contact attorney Paul Scarlato with any useful information or for a free, no obligation discussion about their options.

Hector May is Reportedly the Subject of an Investigation by the U.S. Department of Justice Regarding a “Suspected Felony”

Hector May, who is also the subject of an investigation by the U.S. Department of Justice regarding a “suspected felony”, was a financial advisor with Securities America from 1994 to March 2018 and worked in a branch office in New City, New York, according to the aforementioned Reports under review by attorney Paul Scarlato.

May worked in the securities industry for over 40 years, according to this FINRA BrokerCheck Report.

Hector May was previously registered with the Equitable Life Assurance Society of the United States in New York, New York from June 1973 until November 1992, Equico Securities in New York from October 1980 until November 1992, Prime Capital Services in Poughkeepsie, New York from December 1992 until August 1994, Securities America from July 1994 until June 1998, and Securities America in New City, New York from August 1998 until March 2018, his BrokerCheck states.

May also has one regulatory matter against him alleging the sale of five fixed life insurance policies issued by an unlicensed New York insurer equitable of Colorado, the aforementioned investigation against him by the U.S. Department of Justice into a suspected felony, and employment separation from Securities America for misappropriation of client assets, his BrokerCheck states.

Securities Lawyer Investigating

The Goldman, Scarlato & Penny, P.C. law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Hector May’s alleged misappropriation of client assets. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Paul Scarlato has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.

Investors who believe they lost money as a result of Hector May’s alleged misappropriation of client assets may contact attorney Paul Scarlato for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at scarlato@lawgsp.com, or through the contact form on this webpage.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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