Son of Georgia Building & Loan Founder Accused of Ponzi Scheme Transitions to Insurance Agent
The former co-leader of a collapsed Georgia savings and loan, a lending firm now under investigation for alleged Ponzi schemes by both state and federal authorities, has recently been granted an insurance producer’s license in Georgia.
Edwin Brant Frost V, who previously worked alongside his father at First Liberty Building & Loan, is now a licensed insurance agent based in Newnan, Georgia. According to the National Association of Insurance Commissioners’ license verification site, Frost obtained his license in August, allowing him to operate in life, accident, and sickness insurance lines. He has also been appointed with several life and health insurers.
For several months, news outlets and court documents have reported that the U.S. Securities and Exchange Commission (SEC) and Georgia authorities have ramped up their investigations following the collapse of First Liberty. The firm allegedly defrauded around 300 investors, amassing losses exceeding $140 million. Initially marketed as a Christian, faith-based loan provider, the operation has come under scrutiny for its financial practices.
In July, the SEC filed a lawsuit in federal court in Georgia, asserting that Brant Frost IV, Edwin’s father, had promised investors returns as high as 18%. However, the SEC claims that this was part of a Ponzi scheme that began in 2021. Allegedly, Frost IV misappropriated millions for personal use and political donations, as detailed in the SEC complaint.
Reports indicate that the elder Frost has accepted responsibility for his actions and has committed to repaying investors.
While Frost V, the newly licensed insurance agent, is not named in the SEC complaint, he has been subpoenaed by the Secretary of State’s office. He resigned from First Liberty in July and has chosen not to comment to the media, as reported by the Atlanta Journal Constitution and other sources.
Photo: The now-closed office of First Liberty Building & Loan in Newnan. (AP Photo/Jeff Amy)
Read More About First Liberty: Georgia Commercial Lender Owner Charged With $140M Ponzi Scheme
How an Alleged Ponzi Scheme Left Republican Investors and Politicians in the South Reeling
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The former co-leader of a collapsed Georgia savings and loan, a lending firm now under investigation for alleged Ponzi schemes by both state and federal authorities, has recently been granted an insurance producer’s license in Georgia.
Edwin Brant Frost V, who previously worked alongside his father at First Liberty Building & Loan, is now a licensed insurance agent based in Newnan, Georgia. According to the National Association of Insurance Commissioners’ license verification site, Frost obtained his license in August, allowing him to operate in life, accident, and sickness insurance lines. He has also been appointed with several life and health insurers.
For several months, news outlets and court documents have reported that the U.S. Securities and Exchange Commission (SEC) and Georgia authorities have ramped up their investigations following the collapse of First Liberty. The firm allegedly defrauded around 300 investors, amassing losses exceeding $140 million. Initially marketed as a Christian, faith-based loan provider, the operation has come under scrutiny for its financial practices.
In July, the SEC filed a lawsuit in federal court in Georgia, asserting that Brant Frost IV, Edwin’s father, had promised investors returns as high as 18%. However, the SEC claims that this was part of a Ponzi scheme that began in 2021. Allegedly, Frost IV misappropriated millions for personal use and political donations, as detailed in the SEC complaint.
Reports indicate that the elder Frost has accepted responsibility for his actions and has committed to repaying investors.
While Frost V, the newly licensed insurance agent, is not named in the SEC complaint, he has been subpoenaed by the Secretary of State’s office. He resigned from First Liberty in July and has chosen not to comment to the media, as reported by the Atlanta Journal Constitution and other sources.
Photo: The now-closed office of First Liberty Building & Loan in Newnan. (AP Photo/Jeff Amy)
Read More About First Liberty: Georgia Commercial Lender Owner Charged With $140M Ponzi Scheme
How an Alleged Ponzi Scheme Left Republican Investors and Politicians in the South Reeling
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