NEWNAN, Ga. — Brant Frost V, son of the founder of First Liberty Building and Loan, has resigned from his roles in the Georgia and Coweta County Republican Parties amid ongoing investigations into the company.
The Georgia GOP announced Frost’s resignation as federal and state agencies continue to investigate First Liberty Building and Loan, which is alleged to be a $140 million Ponzi scheme.
The investigation is primarily focused on Edwin Brant Frost IV, the founder of the company.
“We in no way consider his resignations as an indication of guilt in the pending legal issues of First Liberty Building and Loan,” Georgia GOP Chair Josh McKoon said in a statement Thursday night.
Federal and state investigators are scrutinizing First Liberty’s business dealings, particularly those involving Brant Frost IV.
The company is accused of targeting elderly investors with promises of high returns as part of a so-called “Patriot Economy.”
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“Without getting into specifics, I can say that we are looking at anyone and everyone who had anything to do with encouraging investors to invest in this,” State Securities Division leader Noula Zaharis said.
Gabe Sterling from the Georgia Secretary of State’s Office emphasized the importance of identifying and assisting victims of the alleged scheme.
“The second secretary Raffensperger heard about this, he said to do whatever we need to do to find every victim and do everything we can to help those victims,” Sterling said.
Federal investigators said their investigation is centered on Edwin Brant Frost IV. They have not made any direct mention of anyone else.
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