ATLANTA — State investigators are ordering the family members and executives behind an alleged $140 million Georgia Ponzi scheme to sit for questioning this week.
Channel 2 consumer investigator Justin Gray was live at the state Capitol complex for Channel 2 Action News at 6:00.
He was the only reporter there Friday as one of the top leaders of First Liberty Building Loan appeared for a deposition.
Just weeks after federal regulators shut down First Liberty, Brant Frost V got his insurance license and started a new career.
As he headed to a deposition with investigators, Brant Frost V’s attorney told Gray that his client does not have to answer questions about the alleged Ponzi scheme.
Brant Frost V already has a new business and a new career, but he can’t just walk away from the fallout of First Liberty Building and Loan. The Security and Exchange Commission alleges it was a $140-million Ponzi scheme where he was employed by his father Edwin Brant Frost IV.
There are a lot of people who want to ask Brant Frost V questions. One of those people is 94-year-old James McMaster, who said he was convinced in part by the Frosts’ focus on their strong Christian faith to invest $1.3 million in First Liberty.
“Do you still think about what you’d want to say to the Frosts?” Gray asked McMaster.
“Get ready. I hope you experience a little bit of problems that you’ve created,” McMaster said.
Brant Frost V was ordered to sit for a deposition with state investigators.
While investigators with the secretary of state’s office won’t discuss the details, this is what Secretary of State Brad Raffensperger said when the civil investigation launched this summer: “She’s relentless, and she’s going to make sure she gets as much money back for hard-working Georgia families.”
Brant Frost IV is the only person currently named in the SEC action. But his son Brant Frost V has resigned from his role as Coweta County Republican chairman.
According to state documents, Brant Frost V is now a newly licensed insurance broker as of August. And just days before the SEC shut down First Liberty, Brant Frost V also created a new business, Heartland Capital LLC.
The SEC alleges more than $5 million was diverted from investors into the pockets of the Frost family.
“Let them be in shackles or whatever, you know. And I hope somebody doesn’t have the compassion that, well, we’re not going to arrest him because Christmas is coming,” McMaster said.
Brant Frost V had nothing to say to the investors who trusted First Liberty with their money.
His father has apologized in a statement. He is scheduled to be deposed here Monday.
While civil and criminal investigations are underway, a court-appointed receiver also continues to try to track down the missing millions to try to pay back some money to investors.
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