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Investors impatient to recover $140M from alleged Georgia Ponzi scheme
Federal and state officials work to recover assets after a $140 million fraud involving 300 investors; a receiver reports $3.59 million recovered and ongoing legal challenges.
- Seven months after the collapse, an alleged $140,000,000 Ponzi scheme involving First Liberty Building & Loan defrauded at least 300 investors, and a federal court-appointed receiver is recovering funds.
- First Liberty pitched high returns, and the SEC alleges Brant Frost IV stole $17 million and made loans never repaid, creating a Ponzi illusion.
- Receiver Gregory Hays is piecing together 48,000 financial transactions and reported $3,590,000 in assets on hand as of Dec. 31, including seized assets with five luxury vehicles sold.
- Brad Raffensperger says his office is stepping up efforts, proposing a law for direct repayment while federal prosecutors' actions remain uncertain, and House Bill 934 could disrupt regulation.
- The scandal has implicated high-level Republicans including Brant Frost IV, David Shafer , and Andrew Sorrell , while Thomas Todd and others confronted Raffensperger on Monday, raising $750,000 losses and fears of never recovering funds.
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Republican elite in Georgia still roiled by collapse of $140 million Ponzi scheme, 7 months later
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 Rep…
·New York, United States
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Coverage Details
Total News Sources20
Leaning Left5Leaning Right1Center12Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 28%
C 67%
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