Former Securities America broker Hector May was fired from Securities America shortly after the U.S. Department of Justice launched an official criminal investigation in March 2018. Prior to the termination and investigation, May spent 19 years working as a broker for Securities America.
Investors have come forward claiming that May sold what now appears to be phony tax-free corporate bonds. He has a pending customer complaint from March alleging that he misappropriated funds from his clients.
May's alleged actions conform with a practice commonly referred to as "selling away", and the transactions linked to his scheme should have raised red flags with Securities America. When brokers like May solicit funds for investments that are not approved by the affiliated firm, they often convert or misappropriate funds using a company or another vehicle to hide the theft. In many cases, clients are completely wiped out by these financial swindlers by the time the scheme is detected. Fortunately, there are avenues available to help victims of investment fraud recover the money they've lost.
Did You Lose Money While Investing with Hector May?
Investors who lost money while working with Hector May may be able to hold Securities America liable for its failure to supervise. If you had experience working with Hector May, relied on him to handle your investments, and suffered financial losses, call our team of investment fraud lawyers at Meyer Wilson a call at (800) 738-1960 today.