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Securities America faces FINRA complaint over former employee's conduct

Securities America Inc. is facing a Financial Industry Regulatory Authority complaint over allegations that it failed to supervise one of its registered representatives, allowing what the plaintiffs described as the employee's Ponzi scheme to persist for years.

The complaint, filed on behalf of nine investors, accused the company of aiding and abetting fraudulent practices of the employee, Hector May, who had been with the company since 1998. May was fired for misappropriation of his clients' assets after a U.S. Justice Department investigation.

The plaintiffs are based in upstate New York, Northern Virginia and Long Island, N.Y.

When reached, Securities America did not provide a comment on the matter.