After a Pearl River hedge-fund operator was snagged for a Ponzi scheme years ago, Hector May, owner of a New City investment firm, warned investors to be even more careful when choosing someone to manage their finances. When James Nicholson was arrested in 2009, May warned, “but before you invest a million dollars, you do your due diligence.” But now, in 2018, May is the target of a federal investigation into allegations of stealing clients’ money. He’s been fired by the nationwide brokerage firm he represented and his license was revoked. Community members knew May as an influential voice in economic discussions and participating in community events. Two years ago he received the Rockland Business Association’s Pinnacle Award. His New City office, Executive Compensation Planners, was deserted last week.
May was involved in the community and in local businesses. He was “omnipresent in the business community for 15 years,” according to Bill Madden, director of external affairs for Suez. He’d comment on Rockland’s finances and supported Ed Day’s campaign where he was named head of the transition team. He was a member of multiple community organizations, including serving as treasurer for Housing Opportunities for Growth, Advancement and Revitalization, known as HOGAR in the 1990s, and in 2005 he was named an outstanding volunteer for his service to St. Dominic’s Home, People to people and Monsey Medical Center.
“All of us are shocked and distressed,” Executive Director of People to People Diane Serratore, said. “But we’re not making any rush to judgement.”