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July 27, 2023 at 02:09 PM
What You Need to Know
- The investors were elderly, retired and connected to a Naples church where Brent Seaman, who has been charged with fraud, was an active member.
- SEC alleges Seaman solicited investors by touting his proven success investing in currencies; in reality, he was losing millions of dollars of investors’ money
- The SEC also charged Seaman with violating the broker-dealer registration provisions.
The Securities and Exchange Commission said Thursday that it has charged Brent Seaman of Naples, Fla., and various entities he managed for fraudulently raising roughly $35 million from at least 60 investors through an unregistered securities offering.
“Many of the investors were elderly, retired and connected to a Naples church where Seaman was an active member,” according to the SEC.
The SEC’s complaint alleges that, from about June 2019 through September 2022, Seaman told investors he would use their money to invest in technology companies, as well as to trade currencies and commodities.
“Seaman falsely promised annual returns ranging between 18 and 48% and described the investments as ‘safe’ and the returns as ‘guaranteed,’” according to the SEC complaint.
The complaint further alleges that Seaman solicited investors “by touting his proven success investing in currencies when, in reality, he was losing millions of dollars of investors’ money and his currency trading was always unprofitable.”
According to the complaint, Seaman used a combination of marketing materials and personal meetings to describe the business of the Accanito Equity LLCs and to solicit investors.
“The website and marketing materials also touted Seaman’s supposed 25 years of running successful businesses and ‘an assignment from a higher power,’” the complaint states.
Seaman also allegedly misappropriated millions of dollars for personal gain, in part to purchase luxury cars and to pay for trips on private planes, according to the complaint. In addition, he “allegedly made Ponzi-like payments to investors because he did not generate profits in connection with his trading sufficient to pay investors their required monthly distributions,” the document explains.
The complaint charges Seaman with violating the broker-dealer registration provisions of Section 15(a) of the Exchange Act.
