COWETA COUNTY, Ga. — One of the leaders of the Georgia company accused of running a $140 million Ponzi scheme faces a $500,000 fine from the state.
Channel 2 Action News exclusively obtained the emergency order from the Secretary of State’s Office that accused Brant Frost V of violating the Georgia Securities Act through his work with First Liberty Building and Loan.
He also has been referred to the Coweta County District Attorney for possible criminal charges, Secretary of State Brad Raffensperger told Channel 2 Consumer Investigator Justin Gray on Wednesday.
The Newnan-based company and its owners, Brant Frost IV and Brant Frost V, are under investigation from state and federal authorities.
The Securities and Exchange Commission shut down First Liberty in June, saying investors’ money was being diverted to conservative political donations and luxury items like cars and jewelry.
Brant Frost V solicited First Liberty investors even though he was not licensed to sell securities and claimed they would get higher returns than big banks could offer, according to the order filed Tuesday.
He’s accused of further misleading them by not revealing his conflict of interest as an investor or that he received commission payments.
Brant Frost V also has been referred to the state insurance commissioner for review of his insurance agent license.
Channel 2 has reached out to Brant Frost V for comment.
Court documents said only about $3.5 million has been recovered so far.
Raffensperger recently met with First Liberty investors who lost their money. Some of them said they were convinced to invest because of the Frost family’s alleged conservative and Republican values.
A report from the receiver appointed to investigate said First Liberty “made almost 1,000 political ‘donations’ totaling over $1 million using investor funds” instead of going to investments.
Anyone who believes they may be victims of a fraudulent investment scheme is encouraged to contact the Secretary of State’s Office.
Complaints can be filed with the Securities Division online or by calling 470-312-2640.
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