Federal officials say a prominent Georgia Republican was running a $140 million Ponzi scheme

[Omaha Steve]

Source: AP

By JEFF AMY
Updated 9:57 PM CDT, July 10, 2025

NEWNAN, Ga. (AP) — A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140 million, federal officials alleged in a complaint filed Thursday.

The civil lawsuit by the U.S. Securities and Exchange Commission said First Liberty Building and Loan, controlled by Brant Frost IV, lied to investors about its business of making high-interest loans to companies. Instead, investigators said, it raised more money to repay earlier investors.

Frost is alleged to have taken more than $19 million of investor funds for himself, his family and affiliated companies even as the business was going broke, spending $160,000 on jewelry and $335,000 with a rare coin dealer. Frost is also said to have spent $320,000 to rent a vacation home over multiple years in Kennebunkport, Maine, the town where the family of late president George H. W. Bush famously spent summers.

The SEC said Frost kept writing checks even after the commission began its investigation

Read more: https://apnews.com/article/georgia-first-liberty-brant-frost-investigation-0145233ce6b7ec489c568b6deec5c0b5

[UpInArms]

1. Grifters gotta grift

The Republican Party is made of grifters

[Cloudhopper]

2. I'm waiting for the "American Greed" episode n/t

[Demovictory9]

3. "It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates"

[Mike 03]

4. Visitors to the First Liberty website, now greeted with this notice:

We regret to inform you that as of Friday, June 27, 2025, First Liberty has ceased all business operations. First Liberty will no longer be accepting promissory note investments or bridge loan participations, and it will not be making any new bridge loans. Interest payments on existing promissory notes, bridge loan participation interests, and other investment programs are indefinitely suspended. First Liberty is cooperating with federal authorities as part of an effort to accomplish an orderly wind-up of the business. First Liberty employees are not authorized to make any further communications at this time regarding the ongoing situation, and no one at the company will be available to answer phone calls or respond to email inquiries. First Liberty hopes to provide additional information and updates in the near future regarding the status of the company's efforts to effectuate an orderly wind-up of the business.

https://firstlibertyga.com/

[wolfie001]

5. Hopefully all of his victims are replugs

If that's the case, then I'll be quite happy.

[sop]

6. Rightwing radio talk show host Hugh Hewitt was urging his listeners to put their money in this fake bank,

promising a 13% annual return for a minimum purchase of $25,000, to avoid the “woke banking system" and build a “patriot economy."

[ClaudetteCC]

7. A good indicator of a financial scam

is when the advertisement makes an effort to appeal to one's non financial biases.

[PSPS]

11. Ah, yes, Hugh Hewitt. Referred to as "my good friend" by NPR's Scott Simon.

[moniss]

8. He'll maybe get

"$25,000" Bondi to make it all go away once Crumb the 1st says the man was treated unfairly.

[nuxvomica]

9. It's all about the trappings of status for these people

They commit these crimes for jewelry and posh digs, etc. It reminds me of the Simpsons character Bleeding Gums Murphy who lost all his money indulging his addiction to Faberge eggs. That used to seem comically absurd to me but its the same driver for the very rich and people like Noem and Clarence Thomas, et al.

[moonshinegnomie]

10. his gop resume.....

Frost has been an important player in Georgia politics since 1988, when he coordinated televangelist Pat Robertson’s Republican presidential bid in the state. His son, Brant Frost V, is chairman of the Coweta County Republican Party, where the company is based, and is a former second vice-chair of the state Republican Party. Daughter Katie Frost is Republican chairman of the 3rd Congressional District, which includes Coweta County and other areas southwest of Atlanta.

[PSPS]

13. I wish there were a clip of Johnny Carson skewering Robertson

He had a wheel with all the candidates and, as a punchline to a joke I can't remember, he spins the wheel and "helps" it land on Robertson. Carson didn't say anything, he lust glanced at the camera/audience. The audience (and I) burst out laughing!

[Kid Berwyn]

12. It's good for the economy.

Personal growth, in a way.

[Martin68]

14. WE know that it is Republicans who are the fraudsters, cons, election stealers, extortionists, and criminally negligent

evil doers.

[Yo_Mama_Been_Loggin]

15. Of course he's a Republican

[SergeStorms]

16. He'll be appointed......

SEC chairman next week. I thought about using the sarcasm emoji, but I'm not at all sure this is sarcasm anymore.