NEWNAN, Ga. — Channel 2 Action News was there exclusively as Georgia’s Secretary of State appointed a new special Investigative Agent to take control of the state’s probe into an alleged Georgia-based Ponzi scheme, First Liberty Building and Loan.
The move protects the investigation from any political interference into the alleged Ponzi scheme headed by a family of prominent Georgia GOP donors and leaders.
“Once he’s been empowered, the only person that can actually rescind this would be myself, or whoever heads up the Securities Division for the state of Georgia, which I currently head,” Secretary of State Brad Raffensperger told Channel 2 Consumer Investigator Justin Gray.
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The SEC shut down First Liberty over the summer, saying that investors’ money was being diverted to conservative political donations and luxury items like cars and jewelry. The SEC claims it is a $140 million Ponzi scheme headed by Brant Frost IV and his son Brant Frost V.
Channel 2 Action News was the first to report earlier this month about a bill being presented to the Georgia General Assembly and backed by House leadership that could shift control of the investigators looking into First Liberty.
House Bill 934 would move the Securities Division out of the Secretary of State’s Office, and Raffensperger is concerned it could have major effects on their investigation into First Liberty and more.
“My concern is all this, just perhaps could slow things down. We just want to make sure things continue on,” Raffensperger said.
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Raffensperger appointed Atlanta attorney Jason Doss to serve as the investigative agent for a term of 12 months.
“My role is to follow the facts and then apply the law to those facts,” Doss said.
“He has the power to subpoena documents and to subpoena witnesses. We’re going to get to the bottom of it, and we’re going follow the trail,” Raffensperger said.
Even if the Securities Division is moved away from the jurisdiction of the Secretary of State, the Investigative Agent’s probe into First Liberty would continue.
The contract can only be terminated directly by the state Commissioner of Securities.
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