NEWNAN, Ga. — The Georgia Secretary of State’s Office is now investigating borrowers involved in the alleged First Liberty Ponzi scheme.
According to officials, Sec. of State Brad Raffensperger appointed an investigative lead to lead the investigation of First Liberty on Jan. 30, choosing Jason Doss to do the work.
The office said the investigation team is already getting results.
On Wednesday, the office said the agency had officially opened a formal investigation into Global Onboard Partners, LLC and Kirk Adams, a borrower and guarantor from the First Liberty Ponzi scheme.
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“According to publicly available documents filed by the Receiver, Greg Hayes, on or about Dec. 21, 2020, Global Onboard Partners LLC entered into a loan agreement and borrowed approximately $350,000 from First Liberty. Kirk Adams guaranteed the loan‚" Raffensperger’s office said.
Raffensperger’s office said it had learned that during the same period of time, Adams and Global Onboard Partners were raising more money from investors by soliciting other investments and promising returns, but those investments were not registered as securities with the state.
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Adams and Global Onboard Partners are also not licensed “in any capacity to sell securities, as is required by the Georgia Uniform Securities Act of 2008,” officials said.
Based on their interviews with consumers who invested in G lobal Onboard Partners, agency staff said the investments made have not performed as promised and the investors are worried they’ll suffer total losses of their funds.
So far, officials have identified 40 investors who committed funds to Global Onboard Partners and have reached out to them directly.
“The team is investigating whether there is any overlap between the investors in Global Onboard Partners, LLC and First Liberty as well as whether Global Onboard Partners, LLC and First Liberty are related schemes,” the Sec. of State’s Office said. “The team is also investigating whether any of the other entities/individuals who borrowed funds from First Liberty are legitimate borrowers or part of the First Liberty Ponzi scheme.”
Anyone who believes they may be victims of a fraudulent investment scheme, that may still be ongoing, is encouraged to contact the Secretary of State’s Office immediately, officials said.
Complaints can be filed with the Securities Division online here or by calling 470-312-2640.
To fill out an investor survey, head online here.
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