US Edition
Federal officials say a prominent Georgia Republican was running a $140 million Ponzi scheme
NEWNAN, GEORGIA, JUL 11 – Edwin Brant Frost IV allegedly defrauded 300 investors by promising up to 18% returns on high-interest loans while using new funds to pay earlier investors and misappropriating millions, SEC says.
- On July 10, the SEC filed a civil complaint accusing Georgia-based First Liberty Building & Loan and founder Brant Frost IV of operating a $140 million Ponzi scheme.
- Since 2021, First Liberty operated at a deficit each year, using new investor funds to pay previous investors, with most loans defaulting, regulators say.
- The SEC's complaint alleges that Frost raised $140 million from over 300 investors, with 90% of loans defaulted, and misused funds for credit card payments, rare coins, and political donations.
- The SEC seeks a receiver and asset freeze after First Liberty's late June shutdown, shocking investors and political circles amid ongoing investigations.
- Future court rulings will determine monetary remedies, as prosecutors have yet to decide on criminal charges, with potential political impacts on Georgia's Republican Party.
80 Articles
80 Articles
Georgia Republicans Under Pressure Over Donations From Alleged Ponzi Scheme
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 recipients to return any contributions from First Liberty Building and Loan or the family that controlled it. “Now is the time for every elected official, candidate, or […] The post Georgia Republicans Under Pressure Over Donations From Alleged Ponzi Scheme…
Henry Herald
Clayton NewsGeorgia 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 recipients to return any contributions from First Liberty Building and…
Secretary Raffensperger calls for return of political contributions from First Liberty and affiliates - Americus Times-Recorder
Secretary of State Brad Raffensperger is urging any political entity that accepted contributions from First Liberty, the Frost Family, or any of their affiliates to return those contributions to the court-appointed receiver so that victims of the alleged fraud may be made whole. “Now is the time for every elected official, candidate, or political action committee who received financial support from this entity currently under investigation to st…
Prominent Georgia Republican Brant Frost IV apologizes for $140M Ponzi scheme as judge freezes assets
Georgia Republican Brant Frost IV, accused of running a $140 million Ponzi scheme, publicly apologized on Friday as a federal judge ordered his assets frozen and appointed a receiver to try to recover cash for investors.
Denver Gazette
Washington ExaminerSEC accuses Georgia Republican of operating $140 million Ponzi scheme
The Securities and Exchange Commission accused a Georgia Republican of running an elaborate Ponzi scheme in a civil lawsuit filed Thursday that scammed 300 investors out of $140 million. Edwin Brant Frost IV is also accused of pocketing $17 million…
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