WHITE PLAINS – The president of Executive Compensation Planners, Inc., a registered investment advisor and financial planning firm in New City was sentenced to 13 years in prison for participating in a conspiracy to defraud certain investment advisory clients out of more than $11 million.
Hector May, 78, of Orangeburg, was sentenced Wednesday by US District Judge Vincent Briccetti.
The judge called May “a fraud and a thief” and that his conduct was “appalling, reprehensible, and evil.”
US Attorney Geoffrey Berman also announced the return of an indictment charging Vania May Bell, May’s daughter and former comptroller of the firm, with participating in the conspiracy to defraud investment advisory clients.
In addition to his prison sentence, May was ordered to serve three years of supervised release, pay $8 million in restitution and forfeit $11.4 million.
Bell, 54, of Montvale, New Jersey, was charged with conspiracy to commit wire fraud and wire fraud. Each count carries a maximum of 20 years in prison and a fine of up to $250,000.
