Georgia Republican Accused of $140 Million Ponzi Scheme
A Georgia Republican, Brant Frost IV, is accused of running a Ponzi scheme through his company, First Liberty Building and Loan, defrauding 300 investors of at least $140 million. The SEC alleges Frost lied to investors about high-interest loans to companies, instead using new investments to repay earlier ones, while also diverting millions for personal expenses, including political contributions. The company, which advertised heavily on conservative media, promised high returns but was operating as a Ponzi scheme by 2021. Frost is cooperating with the SEC, and the case has political ramifications, potentially impacting funding for far-right candidates and the state Republican party.
John Q. Hosedrinker