New York RIA head sentenced to 13 years for Ponzi scheme

New York RIA head sentenced to 13 years for Ponzi scheme
Court also orders Hector May to pay $8.4 million in restitution.
AUG 01, 2019

The head of a suburban New York RIA, Hector May, who pleaded guilty last December to stealing $11.5 million from investors in a Ponzi scheme, has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution. (More:Securities America hit with lawsuit seeking $18 million in damages) Mr. May, 77, of Orangeburg, N.Y., who headed Executive Compensation Planners, induced more than 15 clients to turn over money from their securities accounts under the false pretense that he would use the money to purchase bonds and other investments on their behalf. Instead, he used the money for personal and business expenses and to pay back other investors. In December, he confessed to one count of conspiracy to commit wire fraud and one count of investment adviser fraud. U.S. District Court Judge Vincent Bricetti said that he was not adding a fine to the sentence because "the defendant should use whatever money he has for repaying the victims," the news site LoHud.com reported.

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