Tr?id=566623520170033&ev=PageView&noscript=1

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

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

1788870175 Law
September 8, 2026
Merrill Lynch and Advisor Settle Court Case for $6 Million After Advisor Allegedly Exploited Grieving Widow

A financial advisor allegedly exploited a client's grief over the deaths of her father and husband, showering her with attention before persuading her to hand over millions of dollars in gifts, according to reporting by InvestmentNews.

1788461574 Law
September 3, 2026
Texas Investment Adviser Faces Washington State Charges Over Misleading Crypto Portfolio Claims

Washington state securities regulators have charged an Austin, Texas registered investment adviser (RIA) and its founder with making misleading statements about the risks tied to one of its model portfolios, which invested heavily in crypto-backed products and volatile exchange-traded funds, according to InvestmentNews.

1788376975 Law
September 2, 2026
Lakers Owner Sells Team for Record $12.5 Billion Amid Federal Probe

Guggenheim Partners CEO Mark Walter has sold his majority stake in the Los Angeles Lakers just as federal regulators investigate potential financial improprieties at insurance and annuities companies that he owns, InvestmentNews reports.