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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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16 Articles
Coverage Details
Total News Sources16
Leaning Left5Leaning Right1Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 36%
C 57%
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