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Imprisoned Ponzi schemer Hector May ordered to pay couple $31.6m

Ponzi Scheme

Imprisoned Ponzi schemer Hector May ordered to pay couple $31.6m

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A federal judge has ordered former investments adviser Hector A. May and his firm to pay $31.6 million to one set of victims of his massive Ponzi scheme.

U.S. District Judge Vincent L. Briccetti in White Plains issued the default judgment against May for not answering a complaint filed by retired Riverside, Connecticut music executive Robert Jamieson and his wife, Judith, who sued May in for $18 million in 2019.

It is unclear from court records what assets May, 81, of Orangeburg, Rockland County has, or how he will pay the Jamiesons, as he is currently residing at the federal prison in Danbury, Connecticut and is not scheduled for release until 2030.

When May was sentenced to prison in 2019, former U.S. Attorney Geoffrey S. Berman described the decades-long Ponzi scheme as “marked by extreme cunning, ruthlessness, and utter disregard for the well-being of his victims, including aging couples, close friends, relatives and an employment pension plan.” Judge Briccetti called May’s conduct “appalling, reprehensible and evil.

May and his daughter, Vania May Bell, 54, of Montvale, New Jersey, ran Executive Compensation Planners Inc. in New City. They persuaded clients to move funds from brokerage accounts to ECP accounts according to court records, claiming that their company could buy bonds directly and avoid transaction fees.

Instead of buying bonds, they used client funds for personal expenses, business expenses and payments to some…

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