NEWNAN, Ga. — The man accused of running a $140 million Ponzi scheme targeting right-wing and faith-based organizations is now taking full responsibility.
The Securities and Exchange Commission charged First Liberty Building and Loan with violating federal anti-fraud laws.
Edwin Brant Frost didn’t say anything when Channel 2’s Richard Elliot saw him come and go from the First Liberty building in Newnan on Friday.
He told Elliot that his attorneys advised him not to talk about the SEC’s accusations. But his attorney did send us this statement in which he seems to admit to everything.
“I take full responsibility for my actions, and I am resolved to spend the rest of my life trying to repay as much as I can to the many people I misled,” the statement said.
The SEC said First Liberty advertised directly on conservative media and in church communities, calling it part of the “patriot economy” and offering big returns for investments.
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But investigators said Frost used millions of investor dollars for his family on things like vacations.
Marcy Walker, who lives in the area, said she is no stranger to Republican politics and Frost.
“They ran politics here,” Walker said.
Records show Frost and his company contributed to Republican candidates, causes and organizations.
“They really fooled a lot of people in the name of Jesus and also being a patriot. That’s wrong,” Walker said.
Jim Clancy is a Texas attorney who said 30 First Liberty investors have already contacted him about this case.
“You don’t steal $140 million without people benefiting,” Clancy said.
He thinks the feds ought to charge more people close to Frost and First Liberty.
“The people who wrongfully benefited from stolen funds, whether that’s political contributions, charitable contributions, advertising money, all of that should be recovered,” Clancy said.
Clancy told Elliot that the FBI has also been in contact with his firm, gathering evidence for its criminal investigation.
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