Did you lose money investing with Hector May (CRD# 323779)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Hector May. If you suffered losses investing with Hector May, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of April 22, 2020, Hector May’s FINRA BrokerCheck Report contains the following:
BARRED: The SEC has barred this individual from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.
3 Customer Dispute(s)
2 Regulatory Event(s)
1 Employment Separation After Allegations
1 Criminal Disclosure(s)
1 Civil Disclosure(s)
Current and Previous Registrations
08/25/1998 – 03/16/2018 SECURITIES AMERICA, INC. (CRD#:10205) NEW CITY, NY
07/29/1994 – 06/30/1998 SECURITIES AMERICA, INC. (CRD#:10205)
12/09/1992 – 08/04/1994 PRIME CAPITAL SERVICES, INC. (CRD#:18334) POUGHKEEPSIE, NY
10/20/1980 – 11/24/1992 EQUICO SECURITIES, INC. (CRD#:6627) NEW YORK, NY
06/12/1973 – 11/24/1992 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (CRD#:4039) NEW YORK, NY
According to Hector May’s publicly available FINRA BrokerCheck Report, on March 9, 2018, Hector May was terminated by Securities America after allegations of “misappropriation of client assets” were made. In addition, on March 8, 2018, the day before his termination, Securities America disclosed on Hector May’s Form U-4 that the U.S. Department of Justice is conducting an official investigation into Hector May of a suspected felony. The fact that the U.S. Department of Justice investigation suggests that misappropriation of clients’ asset may not be an isolated incident.
Some investors know that FINRA’s BrokerCheck reports contain helpful information about the background of financial advisers. Most do not know, however, that the information in BrokerCheck reports come from a regulatory database that FINRA shares with state and federal securities regulators. FINRA omits certain important information from the BrokerCheck reports that it makes publicly available, but makes the information available to some state securities regulators, such as Florida’s.
For example, Hector May’s report from Florida states that Securities America is conducting an internal investigation about May’s alleged misappropriation of client assets. This information is omitted from May’s FINRA’s Brokercheck report. For your convenience, Hector May’s comprehensive report from Florida is attached.
Given that Securities America is actively conducting its own investigation, it is safe to assume that Securities America will be trying to collect evidence from investor victims to try to protect itself in lawsuits. Investor victims need to retain an attorney immediately to protect their claims against Securities America.
Prior to his termination from Securities America on March 9, 2018, Hector May had been in the securities industry for approximately 44 years.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Request a Free Consultation with a Securities Attorney
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.