Philadelphia Real-Estate Investor Pleads Guilty to Fraud Charges for his Role in Ponzi Scheme

Posted on June 19th, 2018 at 1:49 PM
Philadelphia Real-Estate Investor Pleads Guilty to Fraud Charges for his Role in Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Philadelphia businessman, Carl Frederic Sealey, has pled guilty in connection to fraud charges for orchestrating a $1.6 million Ponzi scheme.

According to the U.S. Attorney’s office in Philadelphia, Sealey, chairman of both Global Standard Industries Inc. and SEK Industries misrepresented to investors that their real-estate or business takeover investments were risk-free with an 8.5 and 10 percent interest rate return. In addition, Sealey claimed that his companies had more than $48 million in managed domestic and international assets, which turned out to be exaggerated.

According to federal prosecutors, Sealy never made any real estate closings or business takeovers through Global Standard Industries or SEK Industries. Instead, Sealey used the majority of the money from investors to support his extravagant lifestyle, including hotel accommodations, restaurants, spa services, retail shopping, and other personal expenditures. Sealey also made “Ponzi-like” payments to earlier investors as purported investment gains.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, Sealy, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.

October 22, 2021
TIAA Sues Former Advisors For Allegedly Soliciting Clients

Teachers Insurance and Annuity Association of America (TIAA) filed suit against three of its former Connecticut advisors for allegedly soliciting TIAA clients to join them at their new firm.