Hector May, the head of suburban New York registered investment advisory firm Executive Compensation Planners, has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution following a plea of guilty in an $11.5 million Ponzi scheme case.
May, of Orangeburg, NY, pleaded guilty last December to allegations that he induced more than 15 clients to entrust their money for securities investments under the false pretense that May would use the money to purchase bonds and other investments on their behalf. Instead, he used the money for personal and business expenses and to pay other investors.
May pleaded guilty to wire fraud and investment fraud. A federal judge sentenced May to a prison sentence and to pay restitution to his victims but did not add a separate fine, stating that all of May’s assets should be used to compensate the victims.
If you or someone you know has lost money as a result of an investment with Hector May or Executive Compensation Planners, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.