SEC Charged Florida Man With Fraudulent Investment Scheme Targeting Elderly and Retired Church Members

The U.S. Securities and Exchange Commission (SEC) today filed fraud charges against Brent Seaman of Naples, Florida, and the various entities he manages, alleging that he fraudulently raised approximately $35 million from 60 investors through an unregistered securities offering. Many of these investors were elderly, retired, and connected with a Naples church where Seaman was an active member. Seaman falsely promised annual returns of between 18 and 48 percent and described the investments as “safe” and the returns as “guaranteed". The SEC alleges that Seaman misappropriated millions of dollars for himself to purchase luxury vehicles and trips on private planes, in addition to making Ponzi-like payments to investors because he did not generate sufficient profits to pay distributions. The SEC's complaint charges Seaman, Accanito Holdings, LLC, Accanito Equity, LLC, Accanito Equity II, LLC, Accanito Equity III, LLC, and Accanito Equity IV, LLC with violating the registration provisions of Section 5 of the Securities Act of 1933. It also charges Seaman, the Accanito LLCs, and two related entities, Accanito Capital Group and Surge LLC, with violating the antifraud provisions of the Securities Exchange Act of 1934. Seaman has agreed to settle a bifurcated settlement without admitting or denying the Commission’s allegations, which would bar him from acting as an officer or director of any SEC-reporting company. Additionally, relief defendants Jana Seaman and Valo Holdings Group have agreed to pay disgorgement with prejudgment interest. The SEC investigation was part of its Fraud Against Minority Groups Initiative.