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Immediately following the disclosure that First Liberty Building and Loan were closing their doors ( at the end of June 2025), questions arose surrounding how a company could have been at the center of a multi-year $140+ million Ponzi scheme while hundreds of investors failed to raise the alarm.

In the past weeks, three emergency orders along with $1.5 million in fines have been levied by the Secretary of State through the Commissioner of Securities office.  Each of these also includes a referral to authorities for possible criminal charges.

As more is learned regarding what these individuals did and didn't do, the picture surrounding the practices of First Liberty and individuals associated with the company begins to clear.

In the past week The Georgia Record reported on the Emergency Order and $500,000 fine filed against Timothy Nathaniel Darnell (President of the Georgia Republican Assembly.)

The selling of “securities” (investments in various securities instruments) is governed by Federal laws, Securities and Exchange regulations and Georgia laws.   As these Emergency Orders are made public, experts note that compliance with these laws and regulations seems to have been avoided in a number of cases.

You may view our discussion regarding the filing against Darnell below:   (We had hoped at have a representative of the GRA join us to discuss the situation, but they declined.)

The associated Emergency order can be reviewed or downloaded below.

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