NEWNAN, Ga. — The court-ordered receiver handling the case against Newnan-based First Liberty Building and Loan has created a website so potential victims can get the very latest information on what the feds are calling a $140 million Ponzi scheme.
Only Channel 2 Action News was there when the court ordered receiver Gregory Hays and his team began removing boxes full of hard drives and financial records from the First Liberty offices in downtown Newnan on Monday.
Now, Hays has published a website for those First Liberty investors where they can track the progress of the case.
Hays says it’ll be his job to find out where $140 million went and how to get it back to those investors.
“My job is to identify assets and determine what happened, and recover what money I can for investors, and then eventually make a distribution to investors in this matter,” Hays told Elliot.
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Federal investigators say First Liberty became a Ponzi scheme in 2021, and that its owner and founder, Edwin Brant Frost IV, used millions of investor dollars on things like a luxury watch, rare coins, a vacation home rental in Maine, and more than $500,000 in political contributions.
Frost and his family promoted First Liberty heavily on Conservative media with paid commercials on the Erick Erickson show on WSB Radio, along with the Hugh Hewitt Show and 680 The Fan.
They also went to church groups to ask people to invest.
Hays has 90 days to finish his investigation and write up his report. He wants investors to know he’s working hard to find the money.
The Erick Erickson Show and WSB Radio declined to comment on First Liberty on Tuesday.
Cox Media Group is the owner of WSB-TV, and WSB Radio is a sister station of WSB-TV.
The charges currently brought against Frost and First Liberty are civil, not criminal.
Sources confirmed to Elliot that the FBI is also looking into the case.
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