Executive Summary
- Brent Adam Seaman, 51, has been indicted on federal charges of wire fraud and money laundering in connection with an alleged $36 million Ponzi scheme.
- Prosecutors allege Seaman used investor funds to finance a lavish lifestyle, including purchasing a Ferrari, chartering a private jet, and buying expensive jewelry.
- The scheme reportedly targeted more than 70 investors, many of whom were recruited through a church in Naples, Florida, and were promised guaranteed high rates of return.
- Authorities state that Seaman lost approximately $20 million of investor money in currency trading and used new funds to pay off earlier investors.
A Sarasota man has been federally indicted on charges of operating a Ponzi scheme that allegedly defrauded more than 70 investors out of approximately $36 million. Brent Adam Seaman, 51, faces multiple counts of wire fraud, money laundering, and making a false tax return, according to the United States Department of Justice.
The Alleged Scheme
The indictment alleges that from June 2019 to November 2022, while living in Naples, Seaman operated several LLCs under the name “Accanito.” He is accused of luring investors, many from the Naples-area Grow Church, by promising guaranteed high rates of return, ranging from 18% to 30%, on investments in technology startups and foreign exchange markets. Instead of investing the funds as promised, prosecutors claim Seaman used money from new investors to pay earlier investors, a hallmark of a Ponzi scheme.
During a press conference in Fort Myers, officials stated that Seaman misled investors about his trading successes and investment performance. While about $8 million was paid back to some investors to maintain the appearance of legitimacy, authorities said Seaman lost approximately $20 million in high-risk currency trading and spent another $7.6 million on personal luxuries.
Misuse of Investor Funds
According to the indictment, investor funds were used to finance a lavish lifestyle. Alleged personal expenditures included $165,000 for a Ferrari, $40,000 for a private jet, $25,000 for jewelry, and $12,500 for personal rent. Seaman is also charged with underreporting his income on his 2019 and 2020 tax returns.
Investigation and Arrest
The joint FBI and IRS investigation began when an IRS agent noted irregularities and the FBI started receiving complaints from investors. Seaman was arrested Thursday morning and was scheduled for an initial appearance at the federal courthouse in Fort Myers. Officials noted that the investigation is ongoing. It is important to note that all individuals are presumed innocent until proven guilty in a court of law.