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SEC Bars Florida Man in $35 Million Ponzi Scheme

Posted on February 26th, 2024 at 1:39 PM
SEC Bars Florida Man in $35 Million Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law 

Brent Seaman of Naples, Florida, has accepted a settlement in an SEC civil action, admitting to acting as an unregistered broker or dealer in the sale of securities for Accanito Equity, LLC, Accanito Equity II, LLC, Accanito Equity III, LLC, and Accanito Equity IV, LLC, from June 2019 to September 2022.

As reported by DI Wire, the SEC's complaint states that Seaman raised approximately $35 million from around 60 investors, many of whom were elderly and retired. He falsely promised annual returns between 18 percent and 48 percent, describing the investments as "safe" while failing to disclose his bankruptcies, fraud conviction, and prison time.

Seaman misappropriated funds for personal expenses, leading to Ponzi-like payments to investors. As part of the settlement, Seaman is barred from association with any broker, dealer, or other financial entities and from participating in penny stock offerings.

 

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

Tags: eccleston, eccleston law, sec

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