Brant Frost IV, a Georgia Republican, allegedly operated a Ponzi scheme through his company, First Liberty Building and Loan, defrauding 300 investors out of at least $140 million. The SEC lawsuit claims Frost misled investors regarding the company's operations of high-interest loans, instead using new investments to pay earlier investors. Frost reportedly diverted over $19 million for personal profit, including substantial spending on jewelry and political contributions. First Liberty ceased all operations and failed to respond to inquiries, significantly impacting its religious and political investor networks. The company only had $2.67 million left, indicating financial peril.
Brant Frost IV, a Georgia Republican, allegedly ran a Ponzi scheme that defrauded 300 investors of $140 million, misrepresenting the business to finance previous investors' returns.
Frost is accused of misappropriating over $19 million for personal luxuries and political contributions, spending lavishly despite the company's financial collapse.
The SEC reported that First Liberty Building and Loan only had $2.67 million in cash, indicating severe mismanagement and a critical financial shortfall.
The fallout from this scheme threatens to disrupt funding for far-right political candidates, revealing the deep intertwining of finances and political donations.
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