"Seven months after the collapse of an alleged $140 million Ponzi scheme that touched the top ranks of Republican politics in Georgia and Alabama, some investors are impatient to get their money back. "We feel like we're never going to see it, as old as we are," Thomas Todd, a 77-year-old retired business owner, told Georgia Secretary of State Brad Raffensperger in a meeting Monday."
"Raffensperger says his office is stepping up efforts even as Republican state lawmakers want to transfer securities regulation to the Georgia Department of Banking and Finance, faulting the secretary of state's securities division for not detecting wrongdoing at First Liberty Building & Loan before it went bust. Federal investigators said the company defrauded at least 300 investors of at least $140 million."
"Brant Frost IV, who led First Liberty, had decades of involvement in conservative politics. His company said it was a lender making high-interest short-term loans to businesses, paying investors up to 16% annual interest. Touting "Wall Street returns for Main Street investors," a U.S. Securities and Exchange Commission lawsuit claims Frost stole $17 million for himself, his relatives and affiliated companies, and loaned millions more that borrowers never repaid."
Seven months after the collapse of an alleged $140 million Ponzi scheme, investors remain impatient to recover losses. Federal investigators say the company defrauded at least 300 investors of at least $140 million. Some investors fear they will never see their money. Georgia Secretary of State Brad Raffensperger says his office is stepping up anti-fraud efforts even as state lawmakers seek to transfer securities regulation to the Georgia Department of Banking and Finance. Brant Frost IV, who led First Liberty, had long ties to conservative politics; the SEC lawsuit alleges he stole $17 million and made unrepaid loans. A federal court-appointed receiver is reconstructing tens of thousands of transactions to recover funds.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]