Sher Tremonte Wins $31.6 Million Judgment for Victims of Financial Fraud
On May 2, 2022, Sher Tremonte obtained a judgment of $31.6 million against investment advisory firm, Executive Compensation Planners, Inc., and its principal, Hector May.
Sher Tremonte’s clients—Robert Jamieson, a retired music industry executive, his wife Judy Jamieson, their family foundation, and their family trust—had invested millions with the defendants in what turned out to be a diabolical, fraudulent scheme that spanned more than 15 years and involved multiple investors, including aging couples, close friends and relatives of May, and a pension plan. Upon discovering their funds had been stolen, the Jamieson family became whistleblowers and brought the scheme to the attention of the U.S. Attorney’s Office and the U.S. Securities and Exchange Commission. Hector May and his daughter, Vania May Bell subsequently pleaded guilty to criminal charges related to the fraud. May was sentenced to 13 years in prison in July 2019. As of the date of this post, Vania Bell has not yet been sentenced.
In the parallel civil lawsuit brought by Sher Tremonte, the Jamiesons asserted claims of securities fraud, common law fraud, breach of fiduciary duty, and related claims against May, Bell, and Executive Compensation Planners, Inc. In granting the Jamiesons a judgment of $31.6 million, the court accepted Sher Tremonte’s “well-managed portfolio” theory of damages because May’s fraudulent investment advice was an integral part of his scheme to steal client monies. The Court awarded the Jamiesons the full amount they would have if their funds had been invested properly. The court also granted Sher Tremonte’s request for punitive damages.