NEWNAN, Ga. — Court-ordered receivers began removing computers and financial documents on Monday from the First Liberty Building and Loan Company.
Just a week ago, federal investigators called it an $140 million Ponzi scheme that targeted Conservative media and church groups.
One of those receivers, Gregory Hays, told Channel 2’s Richard Elliot that he couldn’t say specifics about this case since it’s still under investigation, but he did say he’s committed to getting investors as much of their money back as he can.
He also said they have quite a job ahead of them.
“The records upstairs are not very well organized. So, we’ll piece it together, piece the story together from the computer records and bank account records,” Hays said.
Elliot was there on Friday as owner Edwin Brant Frost IV surrendered his keys to Hays.
First Liberty advertised heavily on conservative media and with church organizations claiming to be part of the so-called “patriot economy.”
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But investigators say he misappropriated millions of dollars for his personal use and to donate to Republican candidates and organizations.
Even as Hays was pulling records from First Liberty’s offices, Georgia’s Secretary of State Brad Raffensperger was asking Republicans across Georgia to give back whatever money Frost donated to them.
“Now is the time for every elected official, candidate or political action committee who received financial support from this entity currently under investigation to stand up and help the victims,” Raffensperger said.
Hays said he’s already received calls from politicians wanting to do that.
“We had a couple of calls over the weekend with politicians who received donations, who wanted to return that money. So that’s a good sign, I thought, that the politicians, just reading the paper, and know that they have a duty to return that money,” Hays said.
In a statement Friday, Frost took full responsibility for First Liberty and admitted he “misled” people.
Hays said his primary job is to find what money First Liberty has left and get it to investors. That could potentially include seizing assets and properties.
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