Sarasota man indicted for running $36M Ponzi scheme in Naples

Brent Adam Seaman, a 51-year-old Sarasota resident, has been indicted by a federal grand jury for running an alleged Ponzi scheme in Naples that took in $36.17 million, using the proceeds to pay off previous investors and buy a $165,000 Ferrari.

Seaman is charged with five counts of wire fraud, four counts of money laundering and two counts of making a false tax return.

If convicted, he faces a maximum of 20 years in federal prison for each wire fraud count and up to 10 years for each money laundering count. The maximum penalty for the false tax return is three years for each count.

He also faces a $36 million forfeiture.

According to a statement from the U.S. Department of Justice and the indictment, here is what happened:

Between June 2019 and November 2022, Seaman ran several LLCs in Naples known collectively as Accanito. During that time Seaman (and others) presented himself to investors as an entrepreneur and currency trader.

As part of his pitch, he is alleged to have “solicited millions of dollars” in investment money in Florida and elsewhere by falsely promising guaranteed rates of return on investments.

The promised annual returns were between 18% and 30% on the principal investment.

To substantiate the claims, the Justice Department alleges in the indictment that he provided marketing materials purporting investment strategies that would put money into software and technology companies and in commodities and currency.

The pitch also offered investors the option to collect monthly or have their profits rolled over, according to the indictment.

But rather than invest in technology companies, Seaman used portions of the proceeds from early investors to trade in currency. This led to investors “to lose a substantial portion” of the money they put in, authorities allege. 

As for Seaman, the indictment says he “was never in a position to repay the promised returns” and continued to recruit new investors to pay the old investors.

That fact was kept from the new investors.

The money didn’t all go back, though. The Justice Department alleges Seaman also used investment money to benefit himself.

The indictment alleges that on Nov. 13, 2020 he spent $12,500 of investor money for rent on a property in Naples. A little more than a year later, on Nov. 29, 2021, he wired $40,129 in investor money to charter a private jet.

But it was an alleged wire transfer on Jan. 4, 2021 that is the most jarring.

On that day, according to the indictment, Seaman sent a wire transfer fof $165,126.85 of investor money to purchase a 2019 Ferrari 488 Spider convertible.

To cover his tracks, prosecutors allege in the indictment that Seaman created and sent out fraudulent monthly statements showing their investment was growing at the promised rates.

According to federal court records, Seaman was arrested Thursday and bond was set at $250,000. (It is unclear Friday afternoon if he had been released.)

Court records show he pleaded not guilty and that a status conference was scheduled for Dec. 8.

Seaman's attorney, Douglas Molloy of Molloy Law in Fort Myers, declined to comment.