Hector May Faces 25 Years in Prison after Guilty Plea to $11.5 Million Ponzi Scheme
Hector May, 77, of Orangeburg, NY, allegedly defrauded 15 clients as part of a $11.5 million Ponzi scheme, according to Court Reports filed in the U.S. Attorney’s Office for the Southern District of New York under review by investor rights attorney Alan Rosca.
May reportedly confessed to one count of conspiracy to commit wire fraud and one count of investment adviser fraud before Judge Judith C. McCarthy in the U.S. District court for the Southern District of New York, Court Reports note.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Hector May’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Hector May’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Hector May Allegedly Took Part in a Scheme to Defraud Clients Starting in the Late 1990’s; May Now Faces up to 25 Years in Prison
Hector May also allegedly participated in a scheme to defraud clients which originated in the late 1990s, according to Reports from the U.S. Attorney’s Office for the Southern District of New York under review by investor rights attorney Alan Rosca.
Hector May, president of Executive Compensation Planners Inc., allegedly defrauded said clients with the help of his daughter, Vania May Bell, and now faces up to 25 years in prison, the aforementioned Court Reports note.
The first count carries a maximum sentence of 20 years in prison and a maximum fine of $250,000. The second has a maximum five-year sentence and $10,000 fine. The sentencing has been scheduled for March 15, 2019 before Judge Vincent L. Briccetti.
The SEC has also reportedly filed a parallel civil lawsuit against May and his daughter, Vania May Bell, the controller of the advisory firm, for allegedly orchestrating the aforementioned Ponzi scheme and for allegedly misappropriating approximately $8 million of client assets, the SEC reports.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Hector May’s alleged Ponzi scheme. 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 Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Hector May’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.