ATLANTA — The founder of an alleged $140 million Ponzi scheme targeting Georgia Christian conservatives is asking a federal judge for a lighter sentence as supporters and victims offer sharply different views of the man at the center of the case.
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Edwin Brant Frost IV, 69, has pleaded guilty to wire fraud in connection with the collapse of First Liberty Building & Loan.
More than 120 letters submitted to the court on Frost’s behalf describe him as a deeply religious man who spent years helping those in need, mentoring others and supporting his community.
One supporter wrote, “There goes one of the finest men that ever walked.”
Frost’s daughter Elizabeth told the court, “My dad’s caring about those around him is intrinsic to who he is.”
But federal prosecutors argue Frost used that reputation to gain investors’ trust while operating a scheme that ultimately devastated hundreds of people.
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According to prosecutors, First Liberty was a Ponzi scheme that caused more than $76 million in losses to approximately 300 investors.
Channel 2 Action News has been following the fallout from First Liberty since 2025, documenting the stories of investors who say they lost retirement savings and financial security.
In newly filed victim statements, investor D.H.H. wrote that he will “need to go back to work at the age of 70.”
Another investor, identified as S.R., wrote: “Lost ½ of my retirement savings, approximately 20 years of savings. Retirement is no longer an option for me.”
Victims B.B. and S.B. told the court the fraud changed how they view others.
“This crime has completely changed our trust in people,” they wrote. “For us, now when someone says they are ‘Christians,’ it throws up a red flag.”
Federal prosecutors say Frost and First Liberty recruited investors by emphasizing Christian faith and conservative political values.
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In court filings, prosecutors wrote that Frost “portrayed himself to investors as an ethical, faith-based businessman dedicated to helping small businesses and individuals. But the callousness by which he swindled individuals out of their money tells a different story.”
Some victims expressed anger not only at the financial losses but at what they describe as deliberate deception.
“They knew that they were doing the wrong thing,” investor Thomas Todd previously told Channel 2 Action News. “They looked you in the eye and lied.”
Investor Allen Baldwin said, “There was a lot of intent behind it, and it hurts. It hurts very bad.”
Frost’s wife Krista, meanwhile, urged the judge to consider his efforts to make amends.
In a letter filed with the court, she wrote, “Brant is determined to make this right and will spend every moment he has in this life working to make everyone whole.”
Prosecutors are asking for a 14-year prison sentence. Frost’s attorneys have requested a five-year sentence. Federal sentencing guidelines recommend approximately 20 years in prison.
A federal judge is scheduled to make the final decision Monday after denying Frost’s request to postpone sentencing.