The ongoing investigations into First Liberty Building & Loan have led to several enforcement actions by the Georgia Secretary of State’s Office, including elected officials in metro Atlanta.
Now, Randy Hough, one of the people fined for their involvement in the case is being urged to resign from his role as a School Board member in Fayette County.
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At a March 19 school board meeting, Hough’s fellow board members passed a resolution urging him to leave his seat on the board as a result of his alleged involvement in the $140 million Ponzi scheme.
The board resolution cites a March emergency order barring Hough from the securities industry, a fine levied by the state against him for $500,000 and the referral of his case for criminal prosecution.
<b>Whereas, Mr. Hough currently serves on the Fayette County Board of Education;</b>
<b>Whereas, the Secretary of State’s office has issued an Emergency Order barring Mr. Hough from the securities industry, fining him 500,000 dollars, and referring his case for criminal prosecution;</b>
<b>Now, therefore, given these circumstances, the Board believes it is in the best interest of the School Board and the Fayette County School System that Mr. Hough resigns from the School Board.</b>
— Fayette County Board of Education resolution
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- Ponzi scheme investigation: First Liberty leader fined $500K, referred for possible criminal charges
- Victims’ money in alleged $140M Georgia Ponzi scheme difficult to recoup, report says
The Georgia Secretary of State’s Office issued the emergency order, fine and referral for prosecution.
Court documents shared with Channel 2’s Michael Doudna showed how Hough is accused of using personal relationships to defraud millions of dollars.
A family friend of Hough’s told investigators she invested more than half of her life savings, only to lose it.
Secretary of State Brad Raffensperger told Doudna Hough’s alleged role in the Ponzi scheme was “disgusting,” and that state investigators had identified more than $6.5 million Hough is accused of defrauding investors of.
Channel 2 Action News reached out to Hough for comment and is waiting for a response.
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