A&M Classmate Admits Stealing from Cisneros

SAN ANTONIO (AP) _ A longtime friend admitted to stealing more than $473,000 from former Housing and Urban Development Secretary Henry Cisneros.

Fred L. May III is a former college classmate of Cisneros’ at Texas A&M University. May pleaded guilty to fraud in federal court Wednesday and is scheduled to be sentenced June 25.

Cisneros sats he knew May and May’s family through A&M and other local connections and hired him in 2000 to help oversee his retirement and insurance accounts. Cisneros didn’t suspect any problem until an employee of his housing investment company CityView discovered a discrepancy in some of statements.

He said May has offered him no explanation for the theft.

Cisneros is a former San Antonio mayor who served as a HUD secretary during the Clinton Administration.

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