NEW YORK – A Rockland County man pled guilty in federal court to participating in a conspiracy to defraud investment advisory clients out of more than $11 million.
Hector May, 77, 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 on one count of investment advisor fraud.
