SEC Charges New York Investment Adviser Hector May for Operating a Ponzi-Scheme

Posted on December 17th, 2018 at 2:51 PM
SEC Charges New York Investment Adviser Hector May for Operating a Ponzi-Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has filed a complaint in the Southern District of New York against former Rockland County, New York-based investment adviser, Hector May and his daughter, Vania Bell for misappropriating more than $7.9 million in a Ponzi-scheme involving the sale of bonds.                                                                                                              

According to the SEC’s complaint, May, an investment adviser and the president and chief compliance officer of now-defunct Executive Compensation Planners Inc. (ECP), and his daughter Vania Bell, lied to investors by fraudulently promising to invest their money in bonds. May and Bell instead used investor funds to pay for personal and business expenses, as well as extravagant items, such as jewelry, furs, and vacations.

The SEC’s complaint asserts that May and Bell violated antifraud provisions of securities laws. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York has filed criminal charges against May and he has pleaded guilty to those charges.

Eccleston Law is investigating this Ponzi scheme. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, SEC, fraud, new york, rockland county, ponzi-scheme

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