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Insurance Company to Pay $6.7 Million to some Victims of Alleged Georgia Ponzi Scheme
The repayment covers 46 investors as Raffensperger also seeks criminal referrals and new restitution powers in the First Liberty case.
- On Wednesday, Georgia Secretary of State Brad Raffensperger announced that Bankers Life, a unit of Indiana-based CNO Financial Group, agreed to repay $6.7 million to 46 investors defrauded in the alleged First Liberty Ponzi scheme.
- The alleged $156 million Ponzi scheme paid investors up to 16% interest but left at least $65 million in losses, according to a March 23 receiver's report; a lawsuit claims company leader Brant Frost stole $17 million.
- Among those who lost money were Alabama state Auditor Andrew Sorrell and Georgia GOP Chairman David Shafer; investigators allege that the son of Brant Frost, Timothy Nathaniel Darnell, and Randy Hough solicited funds for the firm.
- Raffensperger recently secured legislative authority to collect restitution for victims, moving beyond issuing $500,000 in civil fines. The secretary of state successfully defended his office's regulatory power against legislative efforts to strip it.
- These efforts occur as the secretary of state competes in a fractious May 19 primary for governor, seeking to appeal to voters including many Trump-loyal Republicans who previously opposed his refusal to "find" votes to overturn the 2020 election.
16 Articles
16 Articles
Republican-aligned company to pay nearly $7 million to scammed MAGA donors
The Atlanta Journal Constitution reports a Republican-aligned financial services firm agreed Wednesday to repay $6.7 million to more than 40 investors who lost money in the collapse of politically connected First Liberty Building & Loan.The payoff is tied to a widening investigation into a conservative group that created a massive Ponzi scheme primarily afflicting Republican donors. First Liberty Building & Loan’s restitution agreement is merely…
Bankers Life will repay $6.7 million to some victims caught up in alleged $140 million Ponzi scheme
Georgia Secretary of State Brad Raffensperger announces on April 1, 2026, at the state Capitol in Atlanta that an agreement with Bankers Life Advisory Services and Bankers Life Securities will return nearly $6.7 million to 46 victims, about one-third of investors who have come forward. Alander Rocha/Georgia RecorderGeorgia Secretary of State Brad Raffensperger announced Wednesday that some victims of an alleged $140 million Ponzi scheme will be …
Some who lost money in alleged $140 million Ponzi scheme to receive compensation
ATLANTA — Georgia Secretary of State Brad Raffensperger said Bankers Life Advisory Services and Bankers Life Securities have reached an agreement to repay nearly $6.7 million to some of the investors who lost money in the alleged First Liberty Building…
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