Negative
22Serious
Neutral
Optimistic
Positive
- Total News Sources
- 1
- Left
- 1
- Center
- 0
- Right
- 0
- Unrated
- 0
- Last Updated
- 22 hours ago
- Bias Distribution
- 100% Left
SEC Charges Georgia Lender Frost With $140M Ponzi Scheme Defrauding 300 Investors
Federal regulators, led by the Securities and Exchange Commission (SEC), have charged First Liberty Building & Loan, LLC and its founder Edwin Brant Frost IV with operating a $140 million Ponzi scheme that defrauded approximately 300 investors over more than a decade. The company misled investors by promising returns up to 18% through short-term bridge loans to small businesses, but most loans defaulted and the firm used new investor money to pay earlier investors. Frost allegedly misappropriated millions of dollars for personal expenses, including $2.4 million in credit card payments, $335,000 to a rare coin dealer, $230,000 on family vacations, and $570,000 on political contributions supporting far-right Republican candidates in Georgia. First Liberty ceased operations and is cooperating with federal authorities, while the SEC seeks an asset freeze, appointment of a receiver, and recovery of investor funds. The scandal has shaken conservative political networks in Georgia due to Frost's deep involvement and financial support, raising concerns about the impact on far-right campaigns. Regulators warn that promises of high returns are a common red flag for fraudulent schemes and urge investors to exercise caution.

- Total News Sources
- 1
- Left
- 1
- Center
- 0
- Right
- 0
- Unrated
- 0
- Last Updated
- 22 hours ago
- Bias Distribution
- 100% Left
Negative
22Serious
Neutral
Optimistic
Positive
Related Topics
Stay in the know
Get the latest news, exclusive insights, and curated content delivered straight to your inbox.

Gift Subscriptions
The perfect gift for understanding
news from all angles.