$35M Ponzi Scheme Targeted Church Members: SEC

The complaint names as relief defendants, and seeks disgorgement with prejudgment interest from, Seaman’s wife, Jana Seaman, and two affiliated entities, Valo Holdings Group, LLC, and Surge Capital Ventures, LLC, which allegedly together received millions in investor proceeds.

‘False Claims of Success’

“As alleged in our complaint, Seaman targeted church members with false claims of success,” said Eric Bustillo, director of the SEC’s Miami Regional Office, in a statement. “This action reflects a deep commitment to pursue those who prey on vulnerable investors.”

The SEC’s complaint, filed in U.S. District Court for the Southern District of Florida, 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.

The complaint 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.

Relief defendant Jana Seaman has agreed to pay $757,154 in disgorgement and interest, the SEC said.

Relief defendant Valo Holdings Group has agreed to pay $668,240 in disgorgement and interest, according to the order.

“All fraud defendants have consented to a bifurcated settlement, without admitting or denying the Commission’s allegations and subject to court approval, under which they will be enjoined from violating the charged provisions of the federal securities laws and Seaman will be barred from serving as an officer or director of any SEC-reporting company,” the SEC said.

The defendants agree that the court will determine whether it is appropriate to order them to pay disgorgement with prejudgment interest and a civil penalty, explained the SEC.