SEC Said Firm Didn’t Implement Proper Safeguards To Prevent Misappropriation
The Securities and Exchange Commission (SEC) has fined Securities America Advisors $1.75M for allegedly not doing enough to protect customers from having their money stolen by a former registered representative who misappropriated $8M from at least 15 client accounts. Hector May has pleaded guilty to investment advisor fraud.
Securities America Advisors is the RIA arm of Securities America, Inc., which is owned by Advisor Group Holdings Inc.’s Securities America Financial Corporation. Securities America has been the introducing broker for Securities America Advisors customers.