Brent Seaman: Naples man charged in Ponzi scheme targeted ... - Naples Daily News

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The U.S. Securities and Exchange Commission has charged a Naples businessman with running a multimillion-dollar Ponzi scheme.

The federal regulator has charged Brent Seaman – and various businesses he managed – with fraudulently raising about $35 million from at least 60 local investors through an unregistered securities offering. 

According to the SEC, many of the investors were "elderly, retired, and connected to a Naples church, where Seaman was an active member." The complaint did not name the church.

The SEC alleges that Seaman, 49, acting as a "purported" venture capitalist:

• Told investors he would only put their money into start-up technology and software companies and use it to trade currencies and commodities
• Promised investors annual returns, ranging between 18% and 48%
• Described the investments as "safe" and the returns as "guaranteed."

According to the SEC, 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 never profitable. He was not registered with the commission, nor did he hold any licenses to sell securities.

The SEC has also accused Seaman of misappropriating millions of dollars in investor money, and spending it on himself, in part to purchase luxury cars and to pay for trips on private planes.

According to the SEC, Seaman carried out his fraudulent ruse from June 2019 until September 2022.

To appease investors, he allegedly made "Ponzi-like payments" to them because he wasn't profitable enough to pay their required monthly distributions.

In a Ponzi-scheme, early investors are paid off with money taken from new investors.

He stopped making monthly distributions in November 2022.

"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, in a statement. "This action reflects a deep commitment to pursue those who prey on vulnerable investors."

The Miami office conducted the investigation, under a Fraud Against Minority Groups Initiative.

Violations of the Securities Act

The SEC charged Seaman and his various affiliates, operating under the name Accanito, with violating the registration requirements and antifraud provisions of the federal Securities Act.

Here's a breakdown of how the money was raised:

• Accanito Equity I, $3 million
• Accanito Equity II, $1.35 million
• Accanito Equity III, $13.1 million
• Accanito Equity IV, $13.5 million

The term for the investments ranged between 12 and 18 months, with an option to renew, and they entitled investors to a percentage of ownership in the limited liability company, "memorialized by a certificate of membership interest," according to the SEC.

On his website and in his marketing materials, Seaman touted his "proven success" and "an assignment from a higher power."

The SEC complaint names Brent's wife Jana Seaman and two affiliated limited liability companies, Valo Holdings Group and Surge Capital Ventures, as "relief defendants," alleging they received millions in investor money.

Jana has agreed to pay back more than $757,000 and Valo Holdings will give back more than $668,000 in "disgorgement and interest," according to the SEC.

Ultimately, most of the investor money went to Surge's bank account and was used for currency trading. Company records obtained by the SEC show that company has suffered a net loss of more than $20 million since 2019.

As part of a settlement, Brent Seaman can never serve as an officer or director of any company that reports to the SEC and he's enjoined from repeating his violations. He has also agreed to settle a still-pending administrative action, with the court yet to decide on a monetary judgment, or a civil penalty.

Seaman has neither admitted nor denied the charges brough against him.

More like this: Collier County Ponzi schemer sentenced to 25 years in prison, owes $5M in restitution

And: Former Naples resident gets four years in prison for investment scam against elderly couple

Preying on vulnerable investors

Naples attorney Chris Vernon, with the Vernon Litigation Group, who specializes in securities and investment fraud, said he received calls from a few of Seaman's investors in recent years, but they always seemed hesitant to take any legal action.

"I think investors wanted to believe in him," he said. "I think he was leading people to believe he was making it right."

It appears that Seaman preyed on their Christian faith, by sharing it, using it to build trust, and then capitalizing on it, Vernon said.

"I think elderly people can be more susceptible," he said. "I think when you have an affinity situation, you've got a fellow veteran, a fellow Marine, a fellow Rotarian, a fellow Christian, you have some close relationship, that creates trust as well."

Too-good-to-be-true offerings like those made by Seaman may seem more legitimate in a boom economy, when the housing and stock markets are strong, and cryptocurrency, such as Bitcoin, is all the rage, with the potential for huge profits, Vernon said.

Sadly, stories like this play out far too often in Naples, one of the richest places in America, which makes its residents ripe for fraud, he said.

"I'm hopeful the SEC to the extent they are able to get some money back will do it, without the investors having to hire their own attorneys. We really focus on looking for ways to help clients get their money back over and above what the regulators are already doing," Vernon said, adding it's often impossible, or impractical, however.

"It's tragic," he said of the situation. "It's horrible."

He noted that a little homework can go a long way in avoiding investment fraud, even if it's just a quick search on the Internet. After a Google search using only Brent Seaman's name, Vernon said he immediately saw red flags, uncovering a prison sentence for real estate fraud.

According to the SEC, Seaman not only failed to disclose his fraud conviction to investors, but two personal bankruptcies, including one as recent as 2014.

On his LinkedIn profile, Seaman states his motto is "businesses don't grow; relationships do" – and that is evident in "all that I do."

"I am a connector of people and you could say I am obsessed with the mission," he writes.

According to his bio, he founded Accanito Capital Group in 2012, as his primary business. State records show the company incorporated in January 2013 and it's still active, with offices on Fifth Avenue South in downtown Naples.

How to Avoid Fraud

Here are four tips from Naples attorney Vernon, who's working on a book to help investors avoid outright scams:

• Don't depend on a reference or recommendation from a friend or professional when making an investment.
• Likewise, don't depend on the pitch from the promoter or salesperson recommending the investment.
• Be wary if the pitch includes a claim that the investments do not fluctuate in value like stocks and bonds.
• Similarly, be wary if the pitch includes a claim that the investments are both safe and pay steady above-market "income."

"Remember the yin and yang of risk and reward," Vernon said.

More information on affinity frauds can be found here: sec.gov/resources-investors/investor-alerts-bulletins/affinity-fraud.