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Correction: We initially mistakenly posted Brant Frost V as charged, but the correct name is Brant Frost IV.
Federal prosecutors have escalated their investigation into the collapse of First Liberty Building & Loan, charging key figures linked to the Newnan-based firm in what authorities describe as a massive Ponzi scheme that defrauded hundreds of investors out of at least $140 million.
Edwin Brant Frost V, son of the company’s founder and a former prominent figure in Georgia Republican politics, faces significant scrutiny as part of the sprawling case. While his father, Edwin Brant Frost IV, was formally charged with wire fraud on April 23 and arraigned in federal court, Frost V has previously been fined $500,000 by Georgia Secretary of State Brad Raffensperger for alleged violations of state securities laws. He was accused of soliciting investors with misleading information and has been referred for potential criminal prosecution, wrote the AJC.
According to federal authorities, First Liberty marketed high-yield investment opportunities, primarily targeting conservative and Christian investors through networks connected to Republican circles. Investors were told their funds would support short-term loans to businesses, often promising strong returns. Instead, regulators allege the operation functioned as a classic Ponzi scheme, using new investor money to pay returns to earlier participants while concealing widespread loan defaults.
The U.S. Securities and Exchange Commission first filed a civil complaint against First Liberty and Frost IV in July 2025, freezing assets and appointing a receiver. Court documents claim the scheme raised over $140 million from approximately 300 investors. Funds were allegedly diverted for personal luxuries, including vacation homes, jewelry, family trips, and political contributions.
Frost V, who served as a principal at the firm and held leadership roles in the Georgia Republican Assembly and Coweta County Republican Party, has denied wrongdoing in prior statements. He resigned from some party positions amid the investigation. State regulators accused him of making untrue statements to investors and benefiting personally from the operation.
The case has sent shockwaves through Georgia political circles, with calls for Republican candidates and committees to return donations linked to the Frost family. Victims, many of whom were retirees and conservative supporters drawn to the firm’s marketing, have expressed frustration over lost savings. A recent $6.7 million settlement with an insurance firm has provided partial recovery for some, but many remain out substantial sums.
Frost IV pleaded not guilty to the wire fraud charge and was released on bail. Federal investigators continue to examine the full scope of the alleged fraud, including the roles of additional associates. The U.S. Attorney’s Office for the Northern District of Georgia described it as a betrayal of investor trust on a massive scale.
Brant Frost V was instrumental in the corrupt 2025 GA GOP convention, where grassroots were prevented from speaking at microphones, along with other nefarious tactics.
AJC reporter Greg Bluestein seemed to run cover for Frost in a comment on X, saying his attorney said Frost would 'take responsibility' and change his plea.
It is our understanding the some Frost family members are still in official positions inside the Georgia GOP structure.
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