Ponzi Scheme Raised $35 Million from Church Members, SEC Alleges

A Florida man collected $35 million from 60 mostly elderly investors whom he met through church and then conducted unprofitable trades, misappropriated millions of dollars, and made Ponzi-like payments to keep the scheme afloat, the SEC alleged Thursday.

Brent Seaman and several of his companies and funds agreed to a two-part settlement in which they accepted injunctions but will have the US District Court for the Southern District of Florida decide whether they should pay disgorgement, interest, and civil penalties, according to a Securities and Exchange Commission press release.

Seaman’s wife, Jana Seaman, and a company she managed weren’t ...