Adviser sentenced in Cisneros fraud case

A financial adviser who stole $481,000 from former San Antonio Mayor Henry Cisneros was sentenced Thursday to 41 months in federal prison and ordered to pay restitution.

A financial adviser who stole $481,000 from former San Antonio Mayor Henry Cisneros was sentenced Thursday to 41 months in federal prison and ordered to pay restitution.

Fred L. May III, a former Texas A&M University classmate and friend of Cisneros, apologized to U.S. District Judge Orlando Garcia, who could have given him as much as 51 months.

May sought probation and claimed he spent most of the money to help pay for chemotherapy and other medical treatment for his wife that his Tricare insurance would not pay for.

“There’s absolutely no excuse for what I have done,” the 62-year- old retired Air Force lieutenant colonel said. “Again, my apologies for the one client I harmed and the undue publicity it brought on him and his family.”

May was a financial account manager with Planto Roe Financial Services in San Antonio, which offered broker investment services through Securian Financial Services Inc. of St. Paul, Minn. Cisneros became May’s customer in 2000 when May established various accounts for him. Read More