The daughter of a convicted N.Y. broker pleaded guilty yesterday for her role in a Ponzi scheme that stole more than $11 million from 15 clients, according to the United States Attorney for the Southern District of New York.
Vania May Bell, 57, of Montvale, N.J., pleaded guilty to one count of conspiracy to commit wire fraud before U.S. Magistrate Judge Judith C. McCarthy. She faces a maximum of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense, according to a U.S. Attorney’s Office news release. She is scheduled to be sentenced on July 7.
Bell was the former comptroller and chief compliance officer of Executive Compensation Planners Inc. (ECP), a registered investment advisor and financial planning firm in New City, N.Y., that was led by her father, Hector May, who served as president.
May, 81, pleaded guilty for his involvement in the fraud in December 2018 to charges of conspiracy to commit wire fraud and investment advisor fraud. He was sentenced on July 31, 2019, to 13 years in prison. He also was ordered to serve three years of supervised release, pay $8,041,233 in restitution and forfeit $11,452,185.
According to the court document, beginning in 1982, May provided financial advisory services to numerous clients. In 1993, Bell…
