Former investment co. president pleads guilty to defrauding clients


NEW YORK – A 77-year-old
Rockland County man pled guilty in federal court to participating in a
conspiracy to defraud investment advisory clients out of more than $11

Hector May of Orangeburg was the president of Executive Compensation Planners,
Inc., a registered investment advisor and financial planning firm in New
City. Since 1982, he was president of the company and since 1994 he was
a registered representative of a broker dealer. Along with a coconspirator,
May swindled clients out of $11.4 million.

When sentenced in March, May faces a maximum of 20 years in federal prison
on a charge of conspiracy to commit wire fraud and up to five years o0n
one count of investment advisor fraud.

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