US Edition
Georgia Secretary of State Calls for Return of Campaign Funds Linked to Ponzi Scheme
GEORGIA, JUL 15 – Georgia Secretary of State Brad Raffensperger urges return of at least $7,500 in campaign donations linked to First Liberty's Ponzi scheme collapse, highlighting political and investor losses.
- The official overseeing elections in Georgia has urged recipients to return campaign funds connected to First Liberty Building & Loan as part of an ongoing Ponzi scheme investigation.
- The call came after the Securities and Exchange Commission filed a complaint accusing First Liberty and its creator, Edwin Brant Frost IV, of defrauding approximately 300 investors of $140 million.
- The SEC alleged that First Liberty operated a Ponzi scheme by using money from recent investors to fulfill obligations to earlier investors and improperly spent over $570,000 of investor funds on political contributions.
- Raffensperger emphasized that funds obtained through fraudulent means have no place in government and called on political donors connected to Frost or his bank to assist the victims, while Frost accepted full responsibility and committed to cooperating with authorities.
- First Liberty ended its operations in June and committed to working with a receiver appointed by the court to manage the sale of assets and support investors defrauded in seeking compensation.
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Henry Herald+3 Reposted by 3 other sources
Georgia secretary of state asks politicians to return money from alleged Ponzi scheme
ATLANTA — The public reaction to the meltdown of a financial institution connected to Republican politics in Georgia continued Monday as Secretary of State Brad Raffensperger called on campaign finance
·Georgia, United States
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Griffin Daily News+2 Reposted by 2 other sources
Raffensperger calls for return of donations after Georgia Republican donor accused of Ponzi scheme
Georgia Secretary of State Brad Raffensperger has joined a growing chorus of voices calling for the return of political contributions from the now-defunct First Liberty Building and Loan, a Newnan-based lending firm with longstanding ties to the Republican Party. The…
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Total News Sources16
Leaning Left5Leaning Right2Center4Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 36%
R 18%
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