Florida currency trader Brent Seaman is charged in staggering $35M Ponzi scheme
A currency trader in Florida has been charged with running a $35 million Ponzi scheme targeting elderly and retired churchgoers from his congregation.
In a complaint filed by the US Securities and Exchange Commission Thursday, Brent Seaman was accused of fleecing members of the church he actively attends in Naples, Florida.
Seaman falsely promised some 60 investors annual returns ranging between 18 and 48 percent and described the investments as 'safe' and the returns as 'guaranteed,' the complaint alleged.
But instead, he misappropriated millions of dollars for himself to blow on luxury cars and trips on private jets, while using some of the funds to make Ponzi payments to earlier investors after failing to generate a profit, regulators claimed.
'As alleged in our complaint, Seaman targeted church members with false claims of success,' said Eric I. Bustillo, director of the SEC's Miami Regional Office, adding that the agency's suit reflected 'a deep commitment to pursue those who prey on vulnerable investors.'
Currency trader Brent Seaman was accused of fleecing members of the church he actively attends in Naples, Florida
Seaman, seen with wife Jana, was charged with running a $35 million Ponzi scheme targeting elderly and retired churchgoers from his congregation
Seaman and his wife Jana Seaman, who is named in the complaint as a relief defendant, did not immediately respond to messages seeking comment Thursday afternoon.
On social media, Brent Seaman maintains a flashy presence, posting photos of himself and his wife jet-setting on private planes and posing with luxury cars ,including a Ferrari and Porsche.
The father-of-six purports to be a venture capitalist and foreign currency trader as the founder and CEO of Accanito Capital Group in Naples.
The SEC alleged he solicited investors by touting his 'proven success' investing in currencies when, in reality, his currency trading was deeply unprofitable and he lost millions of investor funds.
'Seaman also misappropriated millions of investor funds for his own use, and used millions of additional investor funds to make Ponzi-like distributions to investors,' the complaint alleges.
Seaman, Accanito Capital Group and several related entities were charged in the complaint with a number of violations of securities laws.
Seaman falsely promised some 60 investors annual returns ranging between 18 and 48 percent and described the investments as 'safe' and the returns as 'guaranteed,' the SEC said
But instead, he misappropriated millions for himself to blow on luxury cars and trips on private jets, while using some of the funds to make Ponzi payments to earlier investors
Seaman's wife Jana, who was accused of receiving some of the proceeds of the alleged scam, has agreed to pay $757,154 in disgorgement and interest
On social media, Seaman maintains a flashy presence, posting photos of himself and his wife jet-setting on private planes and posing with luxury cars
The SEC said the fraud defendants had consented to a bifurcated settlement without admitting or denying the allegations and subject to court approval.
Seaman will be barred from serving as an officer or director of any SEC-reporting company under the terms of the settlement.
He agreed a court will determine appropriate restitution and penalties, the SEC said.
Seaman's wife Jana, who was accused of receiving some of the proceeds of the alleged scam, has agreed to pay $757,154 in disgorgement and interest.
Relief defendant Valo Holdings Group also agreed to pay $668,240 in disgorgement and interest.
Court records show that Seaman was more than $14 million in debt when he filed for bankruptcy in Florida in 2014.
He previously pleaded guilty in a federal felony criminal case filed in 2000, though the nature of the charge is unclear from online court records.
In a statement, the SEC encouraged investors to check the backgrounds of people selling investments by using the agency's Investor.gov website to quickly confirm their identity and whether they are registered professionals.
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