ATLANTA — State and federal agencies are investigating the sudden failure of a local lending company popular among right-wing and faith-based groups.
First Liberty Building and Loan’s doors are closed, and they will not reopen.
The founders of First Liberty solicited investors on right-wing media and in faith-based communities, calling it part of the “patriot economy.”
Now those investors are afraid they’ll never see their money again.
Texas-based attorney Jim Clancy is representing seven First Liberty investors, including a member of his own family.
“It was all about trust,” Clancy told Channel 2’s Richard Elliot.
He said they were all approached through the faith community or Republican circles and asked to invest.
At one point, Clancy said First Liberty founders, Brant Frost IV and Brant Frost V, bragged about having more than $100 million invested in projects.
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But a year later, they put a statement on their website, saying, “We regret to inform you that First Liberty has ceased all business operations.”
Its doors in Newnan are closed.
“It is a stunning betrayal of that trust,” Clancy said.
Channel 2 Action News has confirmed that the Georgia Secretary of State’s Office and the FBI have opened investigations.
In its heyday, First Liberty marketed itself on right-wing media as part of the “patriot economy.”
Brant Frost IV went on YouTube to market the company as pro-Christian that could offer bridge loans and pay 8% to 13% on investments.
“At First Liberty, we love to try and help small ministries become great ministries. Here, our capital helps them go to the next level,” Brant Frost IV said in the video.
Now, that company is the subject of multiple investigations, and investors worry they won’t see a dime back.
Veteran business attorney Drew Beal points out First Liberty wasn’t a bank, and wasn’t subject to banking rules and regulations.
He said investors should worry if they think there’s a lack of transparency.
“So, when you make your investment, it’s not clear exactly where that investment is going to be lent out,” Beal said.
Elliot did try to reach out to the Frosts through an intermediary and through a business email address, but he hasn’t heard from them.
That website statement did say that employees are not authorized to make any further communications.
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