ATLANTA — The founder of First Liberty Building & Loan, Brant Frost IV, has taken a guilty plea in a $140 million Ponzi scheme.
Frost admitted to a single count of felony wire fraud tied to the misuse of investor funds.
In its heyday, First Liberty marketed itself on right-wing media as part of the “patriot economy.”
Brant Frost IV went on YouTube to market the company as pro-Christian that could offer bridge loans and pay 8% to 13% on investments.
“At First Liberty, we love to try and help small ministries become great ministries. Here, our capital helps them go to the next level,” Brant Frost IV said in the video.
The U.S. Securities and Exchange Commission accused First Liberty and its founder, Edwin Brant Frost IV, of defrauding at least 300 investors.
Federal investigators said Frost used investor funds for personal luxury spending, including:
- $570,000 in political contributions
- $140,000 in jewelry
- A $20,000 Patek Philippe watch
- $335,000 to a rare coin dealer
“Frost abused the trust of his clients, family, and friends by allegedly soliciting investors with promises of sizable returns, while knowing the money raised would instead be used for his personal expenses and to pay early investors to maintain the illusion of profits,” said U.S. Attorney Theodore S. Hertzberg.
The charge carries a maximum sentence of 20 years, with prosecutors recommending a 14-year sentence. Sentencing has been scheduled for Aug. 24.
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