NEWNAN, Ga. — Dozens of victims who lost their money in an alleged Georgia-based Ponzi scheme will receive a $6.7 million settlement.
First Liberty and its owners, Brant Frost IV and Brant Frost V, are under investigation from state and federal authorities. Former Bankers Life financial adviser Nathaniel Darnell was also accused of being involved.
How soon the victims could see their money, on Channel 2 Action News starting at 4:00 p.m.
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The Secretary of State’s Office said Darnell knowingly misled investors for five years at his job and recruited them into First Liberty.
On Tuesday, Secretary Brad Raffensperger announced a settlement for those 46 investors.
“I want to sincerely thank Bankers Life for acting with integrity. They as a company chose to do the right thing and help the Georgians who lost everything in this alleged Ponzi scheme,” said Raffensperger.
The Secretary of State’s Office urges anyone who thinks they were a victim of First Liberty to reach out to them.
So far, Raffensperger’s office has fined Frost IV, Darnell and Fayette County School board member Randy Hough $500,000 and referred them for possible criminal charges.
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