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Omaha Steve

(107,177 posts) Fri Jul 11, 2025, 06:51 AM Jul 11

Federal officials say a prominent Georgia Republican was running a $140 million Ponzi scheme

Source: AP

By JEFF AMY
Updated 9:57 PM CDT, July 10, 2025

NEWNAN, Ga. (AP) — A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140 million, federal officials alleged in a complaint filed Thursday.

The civil lawsuit by the U.S. Securities and Exchange Commission said First Liberty Building and Loan, controlled by Brant Frost IV, lied to investors about its business of making high-interest loans to companies. Instead, investigators said, it raised more money to repay earlier investors.

Frost is alleged to have taken more than $19 million of investor funds for himself, his family and affiliated companies even as the business was going broke, spending $160,000 on jewelry and $335,000 with a rare coin dealer. Frost is also said to have spent $320,000 to rent a vacation home over multiple years in Kennebunkport, Maine, the town where the family of late president George H. W. Bush famously spent summers.

The SEC said Frost kept writing checks even after the commission began its investigation

Read more: https://apnews.com/article/georgia-first-liberty-brant-frost-investigation-0145233ce6b7ec489c568b6deec5c0b5

16 replies

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Highlight:

Federal officials say a prominent Georgia Republican was running a $140 million Ponzi scheme (Original Post) Omaha Steve Jul 11 OP

Grifters gotta grift UpInArms Jul 11 #1

I'm waiting for the "American Greed" episode n/t Cloudhopper Jul 11 #2

"It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates" Demovictory9 Jul 11 #3

Visitors to the First Liberty website, now greeted with this notice: Mike 03 Jul 11 #4

Hopefully all of his victims are replugs wolfie001 Jul 11 #5

Rightwing radio talk show host Hugh Hewitt was urging his listeners to put their money in this fake bank, sop Jul 11 #6

A good indicator of a financial scam ClaudetteCC Jul 11 #7

Ah, yes, Hugh Hewitt. Referred to as "my good friend" by NPR's Scott Simon. PSPS Jul 11 #11

He'll maybe get moniss Jul 11 #8

It's all about the trappings of status for these people nuxvomica Jul 11 #9

his gop resume..... moonshinegnomie Jul 11 #10

I wish there were a clip of Johnny Carson skewering Robertson PSPS Jul 11 #13

It's good for the economy. Kid Berwyn Jul 11 #12

WE know that it is Republicans who are the fraudsters, cons, election stealers, extortionists, and criminally negligent Martin68 Jul 11 #14

Of course he's a Republican Yo_Mama_Been_Loggin Jul 11 #15

He'll be appointed...... SergeStorms Jul 11 #16

UpInArms

(53,458 posts)

1. Grifters gotta grift

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 06:57 AM

Jul 11

The Republican Party is made of grifters

Cloudhopper

(137 posts)

2. I'm waiting for the "American Greed" episode n/t

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 07:07 AM

Jul 11

Demovictory9

(37,113 posts)

3. "It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates"

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 07:11 AM

Jul 11

Mike 03

(18,685 posts)

4. Visitors to the First Liberty website, now greeted with this notice:

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 07:20 AM

Jul 11

We regret to inform you that as of Friday, June 27, 2025, First Liberty has ceased all business operations. First Liberty will no longer be accepting promissory note investments or bridge loan participations, and it will not be making any new bridge loans. Interest payments on existing promissory notes, bridge loan participation interests, and other investment programs are indefinitely suspended. First Liberty is cooperating with federal authorities as part of an effort to accomplish an orderly wind-up of the business. First Liberty employees are not authorized to make any further communications at this time regarding the ongoing situation, and no one at the company will be available to answer phone calls or respond to email inquiries. First Liberty hopes to provide additional information and updates in the near future regarding the status of the company's efforts to effectuate an orderly wind-up of the business.

https://firstlibertyga.com/

wolfie001

(6,235 posts)

5. Hopefully all of his victims are replugs

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 07:20 AM

Jul 11

If that's the case, then I'll be quite happy.

sop

(16,234 posts)

6. Rightwing radio talk show host Hugh Hewitt was urging his listeners to put their money in this fake bank,

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 07:29 AM

Jul 11

promising a 13% annual return for a minimum purchase of $25,000, to avoid the “woke banking system" and build a “patriot economy."

ClaudetteCC

(116 posts)

7. A good indicator of a financial scam

Reply to sop (Reply #6)

Fri Jul 11, 2025, 08:50 AM

Jul 11

is when the advertisement makes an effort to appeal to one's non financial biases.

PSPS

(14,974 posts)

11. Ah, yes, Hugh Hewitt. Referred to as "my good friend" by NPR's Scott Simon.

Reply to sop (Reply #6)

Fri Jul 11, 2025, 10:48 AM

Jul 11

moniss

(8,125 posts)

8. He'll maybe get

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 08:52 AM

Jul 11

"$25,000" Bondi to make it all go away once Crumb the 1st says the man was treated unfairly.

nuxvomica

(13,659 posts)

9. It's all about the trappings of status for these people

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 09:29 AM

Jul 11

They commit these crimes for jewelry and posh digs, etc. It reminds me of the Simpsons character Bleeding Gums Murphy who lost all his money indulging his addiction to Faberge eggs. That used to seem comically absurd to me but its the same driver for the very rich and people like Noem and Clarence Thomas, et al.

moonshinegnomie

(3,669 posts)

10. his gop resume.....

Reply to Omaha Steve (Original post)

Fri Jul 11, 2025, 09:36 AM

Jul 11

Frost has been an important player in Georgia politics since 1988, when he coordinated televangelist Pat Robertson’s Republican presidential bid in the state. His son, Brant Frost V, is chairman of the Coweta County Republican Party, where the company is based, and is a former second vice-chair of the state Republican Party. Daughter Katie Frost is Republican chairman of the 3rd Congressional District, which includes Coweta County and other areas southwest of Atlanta.

PSPS

(14,974 posts)

13. I wish there were a clip of Johnny Carson skewering Robertson

Reply to moonshinegnomie (Reply #10)

Fri Jul 11, 2025, 10:52 AM

Jul 11

He had a wheel with all the candidates and, as a punchline to a joke I can't remember, he spins the wheel and "helps" it land on Robertson. Carson didn't say anything, he lust glanced at the camera/audience. The audience (and I) burst out laughing!