Home Banking & Finance Feds freeze properties of investment adviser Hector May

Feds freeze properties of investment adviser Hector May

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Rockland investment adviser Hector A. May and his wife, Sonia, have consented to the government freezing their personal property and financial accounts during a criminal investigation.

Hector May is under investigation for a possible securities fraud scheme at his Executive Compensation Planners business in New City.

The U.S. Attorney’s Office believes the Mays’ properties “constitute proceeds of securities fraud,” a restraining order said, “and are thus subject to criminal forfeiture.”

“The government and Hector and Sonia May have agreed that the subject property should be restrained,” the order stated, “pending the resolution of the criminal investigation.”

The order ensures that the properties cannot be sold or disposed of in any way during the investigation.

The Mays signed the order on June 6.

The government is freezing properties held by ECP Inc., Executive Compensation Planners Inc., and Hector and Sonia May.

They include accounts with Citibank, Franklin Templeton Investor Services, JPMorgan Chase Bank, Securities America Inc., Sterling Bank, a house in Orangeburg, a condominium in Vernon Township, New Jersey, and all “jewelry, fur products, antiques and silver owned by Hector May or Sonia May.”

The orders exclude monthly Social Security payments, Equitable Life pension payments and $38,666 from the retirement funds that were deposited in a Chase joint bank account.

Hector May’s attorney, Kevin T. Conway, was in a trial and unavailable to comment for his client.

The U.S. Department of Justice first reported the investigation in March to the Financial Industry Regulatory Authority.

Clients also alleged in March that Hector May had misappropriated $50,000 in funds at Securities America Inc., a brokerage firm based in Lavista, Nebraska, for which he worked. Securities America fired him.

Hector May founded Executive Compensation Planners in 1983, according to a U.S. Securities and Exchange Commission report. He was employed by Securities America Inc. since 1994 and by Everbank in Jacksonville, Florida, since 2005.

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