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Seaman, seen with wife Jana, was charged with running a $35 million Ponzi scheme targeting elderly and retired churchgoers from his congregation
Posted on 07/27/2023 4:29:03 PM PDT by dennisw
Florida currency trader is accused in staggering $35M Ponzi scheme targeting elderly church members for their savings - and 'blew the money on luxury cars and private plane trips' Brent Seaman of Naples, Florida was charged in an SEC complaint on Thursday He allegedly fleeced fellow church members in a $35 million Ponzi scheme SEC officials say Seaman guaranteed 'safe' returns but blew the money on luxury lifestyle
A currency trader in Florida has been charged with running a $35 million Ponzi scheme targeting elderly and retired churchgoers from his congregation.
In a complaint filed by the US Securities and Exchange Commission Thursday, Brent Seaman was accused of fleecing members of the church he actively attends in Naples, Florida.
Seaman falsely promised some 60 investors annual returns ranging between 18 and 48 percent and described the investments as 'safe' and the returns as 'guaranteed,' the complaint alleged.
But instead, he misappropriated millions of dollars for himself to blow on luxury cars and trips on private jets, while using some of the funds to make Ponzi payments to earlier investors after failing to generate a profit, regulators claimed.
'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, adding that the agency's suit reflected 'a deep commitment to pursue those who prey on vulnerable investors.'
(Excerpt) Read more at dailymail.co.uk ...
Seaman, seen with wife Jana, was charged with running a $35 million Ponzi scheme targeting elderly and retired churchgoers from his congregation
Did he donate heavily to Democrats? If so, he’ll be handled with kid gloves.
What Church did he go to In Naples?
He was evil.
They were foolish.
If someone promised me 6 percent guaranteed, my eyebrow would go up.
Someone(s) skipped economics and money management in their youth.
Not sure how sorry I feel for these people.
Only 35 Million? Biden’s student loan forgiveness bilks the elderly out of more than that in its first week!
The elderly, with informed consent, should sign their ‘investable’ assets over to a ‘trustworthy’ group, meaning nobody sells them anything. Can one trust the trustworthies?
I’m just saying something could be done. Too many old and lonley folks out there that are too vulnerable. Even that Lennie character in “of Mice and Men” needed George to look after him. If the old folks had any relative that could put the kabosh on a relatives business deal all they’d need is a go-between to monitor any potential deal. Make the the shysters check the registry to see if the customer is protected.
The church seems an important part of the story, wonder why it isn’t identified?
“Too many old and lonley folks out there that are too vulnerable.”
************
Fraudsters and con artists often prey on them. Even some legitimate businesses too. Very sad situation that is begging for some kind of protective service. Would be nice if the nation’s colleges (business schools) set up something (i.e., trustworthies) to help prevent this kind of theft and abuse?
Curious... the division that charged him is the one involved with fraud against minorities.
Nevermind, I guess they consider the elderly a minority.
The wife’s company Valo Holdings Group is involved with Habitats for Humanity in Collier County.
I’m 78. Elderly enough? If somebody offered me a guaranteed return on investment of 18% to 48%, I’d smack them upside the head with my cane.
Try, convict, execute (I wish)
There are some large congregations in the Naples area. I can imagine a shyster could attend one and easily fly under the radar for a while.
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