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

The Securities and Exchange Commission (SEC) has taken legal action against Brent Seaman of Naples, Florida, and several entities under his management for engaging in fraudulent activities, resulting in the fraudulent raising of approximately $35 million from at least 60 investors through an unregistered securities offering. Notably, many of these investors were elderly, retired individuals, and had connections to a Naples church where Seaman was an active member.

According to the SEC’s complaint, the fraudulent activities took place from around June 2019 until September 2022. During this period, Seaman allegedly misled investors by claiming that he would invest their funds in technology companies and engage in currency and commodity trading. He falsely promised annual returns ranging between 18 and 48 percent, assuring the investments were “safe” and returns “guaranteed.” However, the complaint alleges that Seaman’s claims were deceptive, and his supposed success in currency trading was actually incurring substantial losses for the investors. Despite these losses, Seaman allegedly misappropriated millions of dollars for his personal use, including purchasing luxury automobiles and funding private plane trips. Moreover, the complaint claims that Seaman made Ponzi-like payments to investors as he was unable to generate sufficient profits to fulfill the monthly distributions required to the investors.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of Florida, charges Seaman, along with several entities, including Accanito Holdings, LLC, and various Accanito Equity LLCs, with violations of the registration provisions of Section 5 of the Securities Act of 1933. Furthermore, Seaman, the Accanito LLCs, and two related entities, Accanito Capital Group, and Surge LLC, are charged with violating the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934, along with Rule 10b-5 thereunder. Additionally, Seaman is charged with violating the broker-dealer registration provisions of Section 15(a) of the Exchange Act. The complaint also includes relief defendants, namely Seaman’s wife, Jana Seaman, and two affiliated entities, Valo Holdings Group, LLC, and Surge Capital Ventures, LLC, who allegedly received millions of dollars in investor proceeds.

All defendants involved in the fraud have consented to a bifurcated settlement without admitting or denying the SEC’s allegations, subject to court approval. Under this settlement, they will be permanently enjoined from violating the charged provisions of the federal securities laws, and Seaman will be barred from serving as an officer or director of any SEC-reporting company. Furthermore, the court will decide on the appropriate measures for disgorgement with prejudgment interest and a civil penalty. Relief defendant Jana Seaman has agreed to pay $757,154 in disgorgement and interest, while relief defendant Valo Holdings Group has agreed to pay $668,240 in disgorgement and interest.