- August 15, 2018
- Securities America
The Wolper Law Firm is currently investigating claims against Hector May, a former Financial Advisor at Securities America in New City, NY. Hector May has been in the securities industry since 1973 and previously worked at Prime Capital Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on March 9, 2018, Securities America terminated Hector May for “misappropriation of client assets.” This termination was preceded by the initiation of an investigation by the Department of Justice into alleged criminal activity by Hector May.
Since the investigation was launched, one customer has filed a complaint alleging “the representative defrauded them, misappropriating their assets in a ponzi-style scheme.” The alleged damages are $1.074 million and the matter remains pending.
To review the entire disclosure history for Hector May, click https://brokercheck.finra.org/individual/summary/323779#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In necessarily follows that misappropriation of client assets is illegal and subjects both the broker and his employing financial advisor to legal responsibility. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Hector May and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]