by A corporation accused of running a Ponzi scheme that defrauded investors while sponsoring political campaigns is the subject of an inquiry by Georgia Secretary of State Brad Raffensperger.
The announcement comes after Edwin Brant Frost IV and his business, First Liberty Building and Loan, were sued by the U.S. Securities and Exchange Commission (SEC) in mid-July. Investment products and the securities business in Georgia are governed by the Securities Division of the agency. Raffensperger has already urged legislators to reimburse First Liberty and the Frost family, who have been involved in state Republican politics, for any campaign payments. Last week, the Georgia Republican Party said that it had given back the court-appointed receiver for First Liberty around $37,000 in such income.
The securities division is contacting possible victims in the case as part of that inquiry. We encourage anyone who may have made an investment with First Liberty and thinks they might be impacted to get in touch with the office.
We’re dedicated to safeguarding Georgians who could have been duped. Secretary of State Brad Raffensperger stated, “Our division works tirelessly to ensure transparency and accountability in the securities marketplace.” Input from the public is essential to that goal.
According to a statement released by the office, Raffensperger advised anyone who had contact with First Liberty and had not yet filed a formal complaint with the Securities Division to do so through the Secretary of State’s website.Confidentiality will be maintained for anyone who contacts the office.
The Securities Division is in charge of overseeing Georgia’s securities market, which includes the investment products available to citizens, the companies and experts that sell them, and the companies that raise money from the general public for investments.
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