Georgia and Alabama officials face scrutiny as Frost’s $140M faith-based fraud ensnares Republican leaders and political networks

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An alleged Georgia-based Ponzi scheme accused of defrauding conservatives, the elderly and churchgoers to the tune of $140 million is now threatening to unravel political alliances in Alabama—reaching into the upper tiers of Republican power.

On August 18, Georgia Secretary of State Brad Raffensperger issued a second round of subpoenas in his office’s expanding investigation into First Liberty Building and Loan. In an interview with WSB-TV Atlanta, Raffensperger said, “We are being diligent, vigorous, robust and we are going to get to the bottom of it.” The subpoenas seek additional financial and investor records, as investigators work to trace the money and uncover the full extent of the alleged $140 million Ponzi scheme.

The alleged mastermind, Brant Frost IV, used the promise of faith-based, high-return investments to attract more than 300 victims. According to federal regulators, he siphoned millions into rare coins, travel and political donations. By the time the scheme collapsed, less than $3 million remained in company accounts.

But the fallout didn’t stop at the Georgia state line.

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