SEC Charges Florida Resident with Operating $35 Million Ponzi Scheme that Targeted Church Members

The SEC charged Brent Seaman of Naples, Florida, with fraudulently raising approximately $35 million from at least 60 investors through an unregistered securities offering.

According to the SEC, Seaman told investors he would use their money to invest in technology companies and to trade currencies and commodities, but instead, he used the money to pay for personal expenses and to make Ponzi payments to earlier investors. Many of these investors were elderly, retired, and connected to a Naples church where Seaman was an active member.

The SEC’s complaint alleges that Seaman solicited investors by touting his proven success investing in currencies when, in fact, he had no prior experience in the securities industry. The SEC’s investigation was part of the Miami Regional Office’s Fraud Against Minority Groups Initiative. Two relief defendants, Jana Seaman, and Valo Holdings Group, have agreed to pay $757,154 and $668,240 in disgorgement and interest, respectively.

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