SEC Accuses Florida Resident of Running $35 Million Ponzi Scheme Targeting Church Members

Posted on August 2nd, 2023 at 11:51 AM
SEC Accuses Florida Resident of Running $35 Million Ponzi Scheme Targeting Church Members

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has charged Brent Seaman and several entities under his management with conducting fraudulent activities. 

Seaman allegedly raised around $35 million from at least 60 investors through an unregistered securities offering. Notably, many of those investors were elderly and retired, with ties to a Naples church where Seaman was actively involved.

The SEC complaint alleges that from June 2019 until September 2022, Seaman told investors he would use their money to invest in technology companies and trade currencies and commodities. During that period, Seaman made false promises to investors, claiming annual returns between 18-48% and describing the investments as "safe" and "guaranteed." He boasted about his successful currency investments, but in reality, he was losing investors' money, and his currency trading was consistently unprofitable. Moreover, Seaman allegedly misused millions of dollars for personal expenses, including luxury car purchases and private plane trips. Additionally, he resorted to making Ponzi-like payments to investors since he could not generate enough profits from his trading to cover the required monthly distributions to investors.

All defendants involved in the fraud case have agreed to a bifurcated settlement without admitting or denying the SEC’s allegations. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, SEC, Ponzi scheme

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