In the ongoing case of the U.S. Securities and Exchange Commission v. Seaman, et. al., the court-appointed receiver, Melanie E. Damian, provided her latest status report, stating that she has recovered approximately $3.8 million of investors’ funds.
As previously investigated by The DI Wire, Brent Seaman of Naples, Fla., acted as an unregistered broker and raised approximately $35 million from at least 60 investors – many of whom were elderly, retired, and connected to Seaman’s church – through the various unregistered securities offerings of Accanito Equity and related entities.
According to Damian’s status report, from Oct. 1, 2024, to Dec. 31, 2024, she recovered a total of $3,868,431.71, including funds in accounts, disgorgement payments, and the proceeds of the liquidation of physical assets. In particular, Damian recovered more than $1.9 million from Seaman and his affiliates’ banking and trading accounts. Damian also reported that she had previously recovered jewelry and a Rolex watch (purchased with investor funds for $328,409.43), and she was able to sell the watch for $15,650. Additionally, Damian stated that she had recovered a Chopard watch purchased for Seaman’s wife, Jana, with investor funds for $76,905.15. She is currently soliciting offers from various purchasers for the watch and will sell to the highest bidder.
Damian also secured the turnover of a pickup truck, two trailers, and tools from Blue Diamond Home Solutions LLC, a company 99% owned by the defendants. Damian was able to sell the truck for $18,000 and collected the balance of the sale proceeds of $2,783.94 after payment of an outstanding loan. She is working with an auction company to sell the trailers and tools. She also entered into settlement agreements with several third parties who received investor funds. So far, Damian has recovered more than $541,000 from these settlements.
Damian also said that an initial distribution of approximately $2.6 million has been paid to investors as of the end of the reporting period. This is approximately 10% of the investors’ allowed claims amount.
Finally, Damian recommended a continuation of the receivership with the goal of maximizing the recovery of investor assets and complete court-approved distributions during the next reporting period.
The SEC barred Seaman in January 2024 for his role in the scheme. Additionally, the SEC brought charges against Blake Cathey, a childhood friend of Seaman’s son, in August 2023 for his role in the matter.
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