FAYETTE COUNTY, Ga. — A metro Atlanta school board member is now being connected to an alleged $140 million Ponzi scheme.
Fayette County School Board member Randy Hough now faces a $500,000 fine and a criminal referral for his role in a Ponzi scheme involving First Liberty Building and Loan in Newnan.
Channel 2’s Michael Doudna obtained court documents that say Hough took advantage of his personal relationships to help defraud millions.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
In the court documents, a school district employee who described Hough as a family friend says she invested more than half of her life savings because she trusted him. She says he described the investment as “low-risk.”
Secretary of State Brad Raffensperger called Hough’s alleged role “disgusting.”
“So far, we have identified over $6.5 million...that he defrauded people of,” Raffensperger said.
RELATED STORIES:
- Walton County man says First Liberty took his $750K investment, ‘looked me in the eyes and lied’
- 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
Last year, Channel 2 Action News introduced you to Tim Thomas, who invested $750,000 because he believed in the company’s conservative values and was promised a 13% return, paid monthly.
“They looked me in the eyes and lied,” he said.
He said he planned to use the money to help missionaries, but instead the owners spent the money on luxury cars and watches.
“The money that they stole from me was God’s money,” Thomas said.
“I will continue to prosecute and take this as far as it needs to go,” Raffensperger said.
Doudna reached out to Hough’s attorney, but was told they do not comment on potential litigation.
[SIGN UP: WSB-TV Daily Headlines Newsletter]