Is Hector May Your Financial Advisor? – Investor Recovery Options

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Hector May (May), formerly associated with Securities America, Inc. (Securities America) in New York, New York is under criminal investigation by the U.S. Department of Justice (DOJ) for investment fraud.  At the same time, May was terminated by Securities America on concerns that the advisor misappropriated client assets. Investors who have come forward concerning May’s fraud claim that he sold what now appear to be fake tax-free corporate bonds.  It is doubtful that these investments ever existed.  Instead, the allegations claim that May most likely pocketed client funds and paid other clients funds with the proceeds from other investors – a classic Ponzi-scheme.  As with all Ponzi schemes this one collapsed when May could not make promised payments. It appears that May conducted his alleged scheme through a disclosed outside business activity…

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