Posted on 03/25/2009 1:47:48 PM PDT by 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.
The backstory about Cisneros was his son John Paul with the serious heart problems. His wife named the baby after the then Pope.
I had to look up what happened to the son. Apparently he is fine, now a college freshman, pre-med. Good luck to John Paul.
He’s part of the old, corrupt political machine here in San Antonio. We’re starting to get better, but for a long time we were the biggest little town in Texas in terms of political control. Our outgoing mayor, though I disagree with a lot of his politics, is an ethical man. The candidates to replace him are a bunch of neophytes and hacks. There may be a nugget in there somewhere, but he or she is keeping well hidden.
Colonel, USAFR
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