Hector Anthony May of New City, New York, a stockbroker registered with Securities America Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $9,500,000.00 in damages based upon allegations that May converted funds, committed fraud, made omissions of material fact, breached his fiduciary duties, and was negligent in connection with the sale of real estate securities and variable annuities during the time that May was associated with Securities America Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03844 (September 3, 2020).
This is not the first time that May has been referenced in a customer initiated investment related dispute concerning May’s conduct in the securities industry. FINRA Public Disclosure shows that May is also referenced in a FINRA securities arbitration claim that was settled for $406,510.00 in damages based upon allegations that May committed fraud, misappropriated funds, breached his fiduciary duties, and breached a contract in connection with the recommendation and sale of corporate bonds when May was associated with Securities America Inc. FINRA Arbitration No. 18-03163 (December 14, 2018).
May is also referenced in a FINRA securities arbitration claim that was settled for $3,950,908.00 in damages based upon allegations that May committed fraud and misappropriated funds. FINRA Arbitration No. 18-02230 (December 17, 2018).
May has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or an investment advisor representative because May pled guilty to one count of conspiracy to commit wire fraud and one count of investment advisor fraud. In the Matter of Hector A. May, Order Instituting Administrative Proceedings, File No. 3-18998 (February 14, 2019). May and his daughter misappropriated a combined $7,900,000.00 from advisory customers through a Ponzi scheme.
May was associated with Securities America Inc. in New City, New York, as a stockbroker from August of 1998 to March of 2018. On March 9, 2018, Securities America Inc. discharged May based upon allegations that May misappropriated client assets.
