NAPLES, Fla. — A Naples man was charged by the Securities and Exchange Commission (SEC) in connection to a $35 million Ponzi scheme, which targeted members of a Naples church.
Brent Seaman allegedly used various entities to fraudulently raise $35 million from at least 60 investors through an unregistered securities offering.
The SEC's complaint against Seaman claims that, from June 2019 to September 2022, he told various investors (many of whom were elderly and retired) that he would use their money to invest in technology companies. He falsely promised guaranteed annual returns.
The complaint further alleges that Seaman claimed he was successful in investing in currencies, when in reality he was losing millions in investors' money.
Seaman also allegedly misappropriated millions of dollars for personal purchases and made Ponzi-like payments to investors because he did not generate enough profit to pay investors their required monthly distributions.
Seaman and several of the entities he managed are charged with violating the Securities Act of 1993, the Securities Exchange Act of 1934 and the Exchange Act.
This investigation was part of the Miami Regional Office's Fraud Against Minority Groups Initiative.
The SEC encourages investors to check the backgrounds of people selling investments by using the SEC’s Investor.gov to identify whether they are registered professionals and confirm their identity. For more information about affinity frauds, visit [sec.gov].
