“Bell was instrumental to the scheme in multiple ways,” the U.S. Attorney Office said. “Bell processed and spent client money from ECP’s custodial and operating accounts, watching the money dwindling and helping her father achieve more thefts at many months’ ends. Bell faked account statements that made people believe that they held millions, even when she knew that their money was gone; and Bell wielded her role as chief compliance officer and comptroller to help conceal the fraud from broker dealer.”
In July 2021, the Securities and Exchange Commission fined Securities America $1.75 million for failing to safeguard investment advisory client accounts from fraudulent activity. The SEC said such failures enabled May to rob the 15 clients’ accounts.