Ex-friend stole $473,000 from(former HUD Secretary Henry)Cisneros

San Antonio Express-News ^ | Vicki Vaughan and Guillermo Contreras

[SwinneySwitch]

A former college classmate, friend and financial account manager who handled money for former San Antonio Mayor Henry Cisneros pleaded guilty in federal court Wednesday to stealing $473,000 from Cisneros’ accounts over a three-year period.

Cisneros’ former friend, Fred L. May III, appeared before Judge Orlando Garcia in U.S. District Court to plead guilty to a felony charge of fraud. The judge set May’s sentencing hearing for June 25.

May was arrested on March 4, a day after the U.S. Attorney filed a federal lawsuit naming May as a financial account manager in San Antonio who had defrauded an unnamed client.

May was a financial account manager with the securities firm Planto Roe & Associates in San Antonio when "a former college classmate and long time friend" of May consulted him about financial matters, the lawsuit said. Planto Roe offered investment services through a parent company, Securian Financial Services Inc. of Minnesota.

The client, who was identified as being Henry Cisneros in federal court Wednesday, became May’s client in 2000. May established various accounts for Cisneros, including an annuity, long term care insurance and disability insurance.

Starting in about October 2004 and continuing until about August 2007, May "devised a scheme to defraud" his client and "deceived and cheated his client friend” and his employer (brokerage firms) Planto and Securian."

May forged Cisneros’ signature on orders transferring money from Cisneros’ accounts to May’s own accounts, court documents said.

At various times, May transferred amounts from Cisneros’ accounts ranging from $15,010 to $25,010 to his own accounts. From Oct. 5, 2004 to Aug. 22, 2007, May transferred a total of $473,241 from Cisneros’ accounts to his own accounts, the lawsuit said.

Cisneros was not immediately available for comment Wednesday.

Securian brokerage has refunded more than $500,000 to Cisneros, documents show.

[Billthedrill]

“Ex-friend”? Huh. Wonder what broke up the relationship...

[E. Pluribus Unum]

A mini-Bernie Madoff!

How cute!

[Slings and Arrows]

So much for honor among thieves.

[HuntsvilleTxVeteran]

How much time did Henry Cisneros spend in jail for
paying his mistresses with federal and state money?

[GeronL]

chump change next to what O is stealing from this country and its future

[Zuben Elgenubi]

It sounds as if this May guy might be a patsy. You read the article and it’s possible that Cisneros did the dirty deeds and now has May as the fall guy. How can someone miss nearly a half mil in cash?

[Lockbox]

According to Wikipedia - He also joined the boards of a major builder, KB Home, and the largest mortgage lender in the nation, Countrywide Financial — two companies that rode the housing boom, drawing criticism along the way for abusive business practices (according to the New York Times).

So his friend's defense should be that he was just returning the money to the true owns of America.

[b4its2late]

HUD Secretary gig paid well, huh?

[tubebender]

This could not happen in California...

[vladimir998]

Gee, is there no honor among thieves anymore?

[HardStarboard]

The guy stole it back....that money was probably taxpayer money that Cisneros pilfered while running HUD for Slick.
<p.
If there is any position in government that would be better for getting graft from the State and Local politicians I'm not sure what it would be....HUD is just the intermediary in the money funnel from working Federal taxpayers to State and Local political grafters.

[Domangart]

Kirk Douglas had the same thing happen to him. This thing goes on every year. People never learn. When I lived in Hawaii it was Bishop, Baldwin, Dillingham and Wong. This month it is a Ponzi in Folsom Ca that took fellow LDS members for 25m. Two years ago south of Sacramento the preacher took the money and even sold the church. When you have money you have no friends.

[ml/nj]

How did political hack, Cisneros, amass $470,000 to be stolen from him?

ML/NJ

[commonguymd]

I would definitely know if I were missing 15000, 25000, or 470 plus thousand. Must be nice to go three years not knowing you are missing the funds.

[SwinneySwitch]

Ping!

If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.

[freekitty]

We are deeply saddened. sarc

[iowamark]

That is nothing compared to what he has paid his mistresses.

[SwinneySwitch]

From Wikipedia

“In September, 1999, Cisneros negotiated a plea agreement, under which he pleaded guilty to a misdemeanor count of lying to the FBI, and was fined $10,000. He did not receive jail time or probation. He was pardoned by President Bill Clinton in January 2001.”

How do you say Bill Clinton in Spanish?

Answer: Henry Cisneros.