Edwin Brant Frost IV, a financier from Georgia, has been accused of presiding over a $140 million Ponzi scheme through his company First Liberty Building & Loan. The SEC's lawsuit claims that Frost targeted conservative investors via advertisements on right-wing media platforms. The fraudulent activities reportedly started in 2014, with Frost soliciting funds from new investors to pay returns to earlier investors. First Liberty has ceased operations, suspending all investments and payments while cooperating with federal investigations into the matter.
Edwin Brant Frost IV is accused of running a $140 million Ponzi scheme, targeting Republican activists through advertisements on conservative media, according to the SEC.
The SEC claims Frost and First Liberty raised over $140 million from 300 investors by selling loan participation agreements and promissory notes since 2014.
First Liberty Building & Loan's website advertised its services as featured on conservative shows, signaling a targeted approach to attract specific investors.
After closing its operations, First Liberty notified clients that investments and payments were indefinitely suspended while cooperating with federal authorities to wind-up the business.
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