A prominent Georgia Republican promised investors "Wall Street returns for Main Street investors." He was sentenced to 15 years in federal prison for running an investment fraud scheme that left more than 300 people with losses exceeding $76 million.
Among those affected were retirees who lost their life savings.
Here's what to know
Edwin Brant Frost IV, 69, pleaded guilty to wire fraud in May after investigators examined First Liberty Building and Loan's June 2025 failure, according to The Independent.
The Newnan, Georgia-based operation advertised high-interest loans to businesses with potential yields as high as 16%.
Frost was influential among evangelicals and conservatives. Erick Erickson, Hugh Hewitt, and Charlie Kirk hosted programs that regularly promoted First Liberty investments.
The operation also issued millions of dollars in loans that went into default. According to The Independent, a U.S. Securities and Exchange Commission lawsuit described how Frost diverted $17 million to cover his own expenses, give money to relatives, and support connected businesses. Another $570,000 taken from clients went toward political contributions.
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The money invested in First Liberty came through religious and political networks.
What's being done?
In addition to serving the prison sentence, Frost must pay more than $76 million in restitution to address victims' financial losses.
The damage Frost left behind determined the length of his prison term, Chief U.S. District Judge Leigh Martin May said.
Frost said it was "difficult … to listen" to the victims' impact statements. He also offered a public apology.
"I have messed up a lot of good people's lives," Frost told the court, according to The Atlanta Journal-Constitution.
Religion, political connections, and hopes of financial success were the means Frost used to enrich himself at others' expense, U.S. Attorney Theodore S. Hertzberg said in a press release The Independent cited.
"This was a stunning, sinful, and sacrilegious abuse of trust that wrecked hundreds of investors, including retirees and seniors who lost their life savings," Hertzberg lamented.
Where can I learn more?
These related stories involve scammers who promised high returns, only for investors to lose money.
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• A former CIA officer used Florida homes in a $200 million fraud scheme.
• A South Dakota doomsday prepper faces a RICO lawsuit alleging investor fraud.
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