Securities America Advisors Fined Regarding Supervisory Failures and Ex-Broker Hector May

Securities America Advisors Fined Regarding Supervisory Failures and Ex-Broker Hector May

The Securities & Exchange commission recently announced that it filed an order against Securities America Advisors, Inc. (“SAA”), a Nebraska-based investment advisor, for failing to implement policies and procedures reasonably designed to protect the misappropriation of advisory client assets relating to one of its formerly registered representatives, Hector May. The failure to supervise by Securities America Advisors resulted in Hector May’s misappropriation of millions of dollars from clients’ advisory accounts at the firm. The SEC Order Against Securities America Advisors, Inc. According to the SEC Order, from November 2014 to March 2018, SAA failed to implement policies and procedures for…