{"id":19846,"date":"2021-07-15T05:00:18","date_gmt":"2021-07-15T10:00:18","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=19846"},"modified":"2021-07-14T09:10:48","modified_gmt":"2021-07-14T14:10:48","slug":"securities-america-advisors-fined-over-broker-negligence","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-america-advisors-fined-over-broker-negligence\/","title":{"rendered":"Securities America Advisors Fined $1.75M For Allegedly Failing to Protect Customers From Ex-Broker Hector May Who Stole $8M"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">SEC Said Firm Didn\u2019t Implement Proper Safeguards To Prevent Misappropriation<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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. <\/span><a href=\"https:\/\/www.investorlawyers.com\/blog\/?p=6890\"><span style=\"font-weight: 400;\">Hector May<\/span><\/a><span style=\"font-weight: 400;\"> has pleaded guilty to investment advisor fraud.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Securities America Advisors is the RIA arm of Securities America, Inc.,\u00a0 which is owned by Advisor Group Holdings Inc.\u2019s Securities America Financial Corporation. Securities America has been the introducing broker for Securities America Advisors customers.<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-america-advisors-fined-over-broker-negligence\/\"  title=\"Continue Reading Securities America Advisors Fined $1.75M For Allegedly Failing to Protect Customers From Ex-Broker Hector May Who Stole $8M\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC Said Firm Didn\u2019t 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3783,3829],"tags":[3228,4288,4578],"class_list":["post-19846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-misconduct","category-securities-america","tag-hector-may","tag-misappropriation","tag-securities-america-advisors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities America Advisors Fined $1.75M For Failing to Protect Customers | FINRA Attorneys<\/title>\n<meta name=\"description\" content=\"Securities America Advisors are facing a fine for failing to protect customers from the negligent actions of broker Hector May.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-america-advisors-fined-over-broker-negligence\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities America Advisors Fined $1.75M For Failing to Protect Customers | FINRA Attorneys\" \/>\n<meta name=\"twitter:description\" content=\"Securities America Advisors are facing a fine for failing to protect customers from the negligent actions of broker Hector May.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/josh-calabrese-Ca8r0PSWg9Q-unsplash-1-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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