Attorney David Neuman Quoted Regarding the HECTOR MAY FRAUD
Attorney David Neuman Is Quoted in LoHud.Com Regarding Hector May Fraud
Attorney David Neuman was quoted in the Journal News LoHud.com regarding former Securities America financial advisor Hector May. The article was written by Steve Lieberman and Robert Brum, reporters for LoHud.com. Our firm has spoken with several victims of Hector May’s scheme. May was recently terminated by his former brokerage firm, Securities America, and is also under investigation by the U.S. Department of Justice. May lived in Orangeburg, New York and had an office in New City, New York.
IF YOU HAVE LOST MONEY WITH HECTOR MAY, PLEASE CONTACT ISRAELS & NEUMAN at 720-599-3505
A link to the article can be found here: https://www.lohud.com/story/news/local/rockland/2018/03/30/rockland-hector-may-probe-stealing-funds/470334002/
Hector May, an influential Rockland business leader and the politically connected owner of a New York City investment firm, is being investigated by federal prosecutors on allegations of stealing his clients’ money, according to an investment watchdog group.
As the investigation moves forward, May’s license has been revoked and he’s been fired by the nationwide brokerage firm Securities America Inc. as a result of the allegations, according to the Financial Industry Regulatory Authority, known as FINRA.
FINRA is a non-government agency that licenses brokers and regulates brokerage firms and exchange markets for the New York Stock Exchange. FINRA also does enforcement.
May, 77, an Orangeburg resident, worked as an investment contractor for Securities America since 1994, sending his clients to the brokerage house after working out investment plans at his New City office.
FINRA’s Brokerwatch states under May’s disclosure file on March 8 that “the U.S. Department of Justice is conducting an official criminal investigation of a suspected felony.”
The file also states that Securities America fired May on March 9 on allegations of misappropriations of client assets.
The U.S. Attorney’s Office in Manhattan on Friday declined comment on May.
May could not be reached at his home Friday. Telephone messages left at his home and business were not returned.
The FINRA and Securities America actions led one Denver-based law firm to issue a warning to May’s clients, informing them of the allegations. The firm, Israels & Neuman, represent people defrauded by unscrupulous brokers.
Partner David Neuman said based on what he’s read, May faces problems with regulators and federal prosecutors.
“When there’s a Department of Justice investigation, that’s a pretty good sign there is something wrong,” Neuman said Friday.
Neuman said his experience tells him that a client complained to Securities America and the brokerage house did an internal investigation and fired May. The lesser possibility is Securities America uncovered misappropriations through its monitoring tools, he said.
Several other investor watchdog legal firms issued warnings about May, urging clients to contact them if they need legal assistance.
A spokesperson for Securities America stated Friday that the company “is fully cooperating with law enforcement and regulatory agencies, but as a matter of policy, we do not comment on ongoing regulatory and legal matters.”
Michael Pointing, left, former general manager and vice president of United Water New York, speaks with Hector May of Orangeburg at the Pearl River Hilton Nov. 19, 2009. (Photo: TJN file photo)
May got fined $2,500 in July 1992 by the New York State Insurance Department for the sale of five fixed life insurance policies issued by an unlicensed New York insurer – Equitable of Colorado, according to FINRA. May responded he didn’t violate security laws, but his infraction was soliciting a resident to do business with Equitable, FINRA says.
May also operated a company called Executive Compensation Planners, through his long career as an investor.
May incorporated the company on Dec. 27, 1982, as a domestic business corporation based at 60 Maple Ave., in New City, according to the New York State Department of State. The agency’s website lists the business as “active,” but no one was at its offices when a reporter tried to reach May on Thursday.
May’s history in Rockland
May has a long history of business advocacy and political work in Rockland.
He resigned this week as vice president of the Rockland Business Association’s board, citing personal and business reasons, said Executive Director Al Samuels.
Al Samuels, president and CEO of the Rockland Business Association (Photo: TJN file photo)
Samuels said he had no knowledge of the allegations against May.
“The Hector May that I know is a man who has given a lot to the this community, the Hispanic community, people in need,” Samuels said Friday. “He’s done wonderful things for the business community in Rockland County.”
Over the years, May has donated money to candidates.
He’s contributed to political campaigns, donating $4,800 through Executive Compensation Planners to Republican Chris Day’s 2014 run for Congress. Day lost to Democrat Nita Lowey but won election as Orangetown supervisor in November 2017.
May didn’t provide Chris Day with financial support in the supervisor’s race, but donated $1,662 to Democrat Thom Kleiner. Kleiner, a former supervisor, had received donations from May in previous runs for supervisor and county executive totaling $5,500 in 2008 and 2009, as well as $250 in 2006, according to the state Board of Elections.
“His conduct in recent private situations and recent electoral situations leads me to be not particularly surprised by these allegations, which is the major reason why we have not been associated since 2014,” Chris Day said Friday.
May and Executive Compensation Planners donated $8,350 to Republican County Executive Ed Day’s successful campaigns since 2013.
May served on Day’s transition team after his election in November 2013. Day, who won a second term in November 2017, hired Guillermo Rosa, a former military officer and May’s close friend, as deputy county executive when he first took office.
Guillermo Rosa, Rockland County Executive Ed Day’s chief of staff. – Contributed photo (Photo: Contributed photo)
Rosa didn’t return a telephone call for comment on May. Ed Day said he lacked personal knowledge of May’s potential problems.
Other candidates getting donations from May or his company included:
- $7,100 to Richard Vasquez’s GOP campaign for Rockland sheriff in 2015
- $100 to Orangetown Justice Pat Loftus’ run for County Court in 2016
- $300 to the Rockland Republican Committee in 2015
- $500 for Citizens for Larkin in 2015
- $60 to Republican Laurie Santulli for legislator in 2015
- $169 to Republican Lon Hofstein’s Legislature run in 2015
- $100 to District Attorney Thomas Zugibe, a Democrat running unopposed in 2015
- $125 to Assemblyman Kenneth Zebrowski, D-New City, in 2016, running unopposed.
Zebrowski intends to donate May’s campaign contributions to a consumer protection organization, while Zugibe will donate to a charity, Rockland Democratic Party Chairwoman Kristen Zebrowski-Stavisky said Friday.
On Thursday afternoon there was no one from May’s company in the New City suites he shared with an accounting firm. An employee with the accounting firm said no one had been there for days.
May’s certificates from the American College of Life Underwriters and Certified Financial Planner Board of Standards still hung on the office’s wall.
In 2016, The Rockland Business Association honored him with its Pinnacle Award for Overall Business Excellence.
May has been a longtime advocate for Hispanic causes and served on the Industrial Development Agency, Rockland Empire Zone Task Force and on the boards of directors of a handful of community organizations over the years.
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