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

The Securities and Exchange Commission today charged Brent Seaman of Naples, Florida, and various entities he managed for fraudulently raising approximately $35 million from at least 60 investors through an unregistered securities offering. 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, from approximately June 2019 until September 2022, Seaman told investors he would use their money to invest in technology companies and to trade currencies and commodities. Seaman falsely promised annual returns ranging between 18 and 48 percent and described the investments as “safe” and the returns as “guaranteed.” 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.