ATLANTA — Georgia Secretary of State Brad Raffensperger says his office is continuing a robust investigation into First Liberty Building and Loan, a company accused of operating a $140-million Ponzi scheme.
The investigation, which targets the company’s founder Brant Frost IV, involves allegations that First Liberty preyed on conservatives, the elderly, and faith-based groups.
Raffensperger’s office issued a second round of subpoenas last week to gather more financial and investor information, aiming to trace the investments and recover funds.
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“We are being diligent, vigorous, robust and we are going to get to the bottom of it,” Raffensperger told Channel 2’s Richard Elliot.
“This is an initial subpoena designed to get basically anything they can think of that they believe would sort of give them a handle on the situation,” veteran financial lawyer Andrew Beal said.
At a business roundtable in Riverdale, Raffensperger emphasized his commitment to finding the money invested in First Liberty.
He highlighted the impact on victims, including seniors who lost their lifetime savings.
State investigators have pointed out that Frost specifically targeted conservative groups, the elderly, and faith-based organizations, exploiting their trust and financial vulnerability.
Although the investigation remains civil at this stage, sources indicate that the FBI is also conducting a separate investigation into the matter.
The ongoing investigation by the Georgia Secretary of State’s office aims to uncover the full extent of the alleged Ponzi scheme and provide restitution to those affected.
“We need to help them get their money back,” Raffensperger said.
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