By Trendsetter Tribune 
The collapse of First Liberty Building & Loan, a Newnan-based lender, has triggered a massive financial and political scandal across Georgia and Alabama. Federal and state investigators allege that Brant Frost IV orchestrated a $140 million Ponzi scheme that defrauded approximately 300 investors, many of whom were elderly or targeted through religious and conservative “patriot economy” networks.
The Human Cost: “They Stole God’s Money”
At a recent victims’ roundtable convened by Georgia Secretary of State Brad Raffensperger on February 9, 2026, investors shared stories of total financial ruin.
- Thomas Todd: The 77-year-old retired electrical worker and Vietnam veteran invested $750,000—his life savings earned from years of contracting in Iraq. Todd testified that he intended for his monthly interest payments to support Christian missionaries and religious charities. He noted that the Frost family “looked me in the eyes and lied,” adding, “They didn’t steal from me; they stole God’s money.”
- James McMaster: The 93-year-old investor lost $1.3 million, funds he had set aside to pay for his sister’s medical care.
- The Target: Investigators say the firm specifically targeted seniors and religious communities, using conservative radio ads and podcasts (hosted by figures like Erick Erickson and Charlie Kirk) to project an image of safety and shared values.
Political Influence and Campaign Cash
The scandal has reached the highest levels of Republican politics due to the Frost family’s extensive history as donors and activists. Brant Frost V, the founder’s son, was a prominent former vice chair of the Georgia GOP.
| Category | Details |
| Total Donations Identified | $1.4 million tied to the Frost family and their companies since 2002. |
| Investor Funds Used | The SEC alleges at least $572,800 of investor money was funneled directly into political coffers. |
| Money Recovered | Only about $300,000 has been returned by candidates and committees as of February 2026. |
| Top Recipients | The Georgia Republican Assembly PAC ($162k+), the Georgia GOP ($50k+), and Alabama State Auditor Andrew Sorrell ($80k). |
Current Legal Status
- The SEC Lawsuit: Filed in July 2025, the SEC accuses Frost IV of using $17 million for personal use, including luxury jewelry, rare coins, and vacation rentals in Maine.
- The Receiver: S. Gregory Hays has been appointed by a federal court to claw back assets. On January 30, 2026, he reported that he is still analyzing 48,000 transactions to find recoverable funds.
- Political Fallout: Secretary of State Raffensperger, currently running for governor, faces pressure from state lawmakers who want to strip his office of securities regulation, citing a failure to catch the scheme earlier.