Securities America Faces $18 Million Lawsuit

Lawsuit Involves Former Broker Hector May & Alleged Ponzi Scheme According to numerous reports this week, Securities America is facing a lawsuit alleging a broker the company fired last year cost a family $18 million in losses and the company failed to supervise him. As we told you previously, Hector May pleaded guilty in federal court in December to operating a Ponzi scheme and now faces up to 25 years in prison. In the alleged scheme, with his daughter who served as the controller of his investment advisory firm, May would purportedly offer to buy bonds for investment advisory clients, solicited their funds for the investments, and then transferred the money for personal expenses. At least 15 investment advisory clients were reportedly victims to May’s alleged scheme. Securities America reportedly fired May in March 2018 for “misappropriation of client assets”, according to his FINRA BrokerCheck report. Further, in February of this year, May…

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