US EditionGeorgia Secretary of State Calls for Return of Campaign Funds Linked to Ponzi Scheme
GEORGIA, JUL 15 – Georgia Secretary of State Brad Raffensperger urges return of at least $7,500 in campaign donations linked to First Liberty's Ponzi scheme collapse, highlighting political and investor losses.
- Last week, federal regulators filed a lawsuit against Edwin Brant Frost IV and First Liberty Building & Loan, based in Newnan, alleging they ran a $140 million Ponzi scheme that defrauded around 300 investors who were promised returns of up to 18%.
- The scheme operated from 2014 until this year, with newer investments being redirected to fulfill obligations to earlier investors while the majority of loans defaulted; Frost is accused of diverting over $5 million for personal use and contributing more than $570,000 to political causes.
- After First Liberty stopped operating on June 27, the Georgia Secretary of State called on elected officials and political organizations that had received donations from Frost or related entities to return those funds to a court-appointed receiver to help compensate victims.
- On Monday, Raffensperger emphasized that any funds obtained through unethical means have no place in the State Capitol, encouraged those affected to reach out to his office without delay, and called on all recipients of such funds to assist the victims; meanwhile, Frost acknowledged full responsibility for his actions and committed to cooperating with authorities, stopping short of admitting legal guilt.
- Public outrage grew with calls from the Democratic Party and former Republican officials to return donations, highlighting concerns about financial fraud’s impact on hardworking Georgians.
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Henry Herald+3 Reposted by 3 other sources
Georgia secretary of state asks politicians to return money from alleged Ponzi scheme
ATLANTA — The public reaction to the meltdown of a financial institution connected to Republican politics in Georgia continued Monday as Secretary of State Brad Raffensperger called on campaign finance
·Georgia, United States
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Griffin Daily NewsReposted by 
Georgia Recorder
Georgia RecorderRaffensperger calls for return of donations after Georgia Republican donor accused of Ponzi scheme
Georgia Secretary of State Brad Raffensperger has joined a growing chorus of voices calling for the return of political contributions from the now-defunct First Liberty Building and Loan, a Newnan-based lending firm with longstanding ties to the Republican Party. The…
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Total News Sources14
Leaning Left5Leaning Right2Center4Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 36%
R 18%
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