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

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

1785531573 Law
July 31, 2026
Former Alabama Financial Advisor Barred After Selling His Practice

The U.S.

1785428190 Law
July 30, 2026
CFP Board Proposes New Rules for Handling Expunged Criminal Records

The CFP Board has announced that it is considering a proposal to change how it treats applicants with expunged criminal convictions, according to Wealth Management.

1785344491 Law
July 29, 2026
Edward Jones Invests in Fintech Firm Focused on Preventing Elder Financial Fraud

Edward D.