Georgia businessman jailed for 15 years for $76m Ponzi scheme targeting 300+ investors

A Georgia businessman who used religion and conservative politics to attract investors into a major investment fraud has been sentenced to 15 years in federal prison. Chief US District Judge Leigh Martin May sentenced Edwin Brant Frost IV for running a $76 million (£58.5 million) Ponzi scheme that caused serious financial losses for more than 300 victims. Frost, 69, ran the fraudulent business through a company based in Newnan called First Liberty Building and Loan, LLC. The court also ordered him to pay $76,454,374.39 in restitution after he pleaded guilty to wire fraud charges earlier this year.Promises of high returns and community faithAccording to the United States Attorney's Office for the Northern District of Georgia, Frost promoted First Liberty as a lender that shared Christian values, supported conservative politics, and helped American small businesses. From around 2021 through July 2025, Frost asked individual investors to provide money for short-term "bridge loans" intended for commercial borrowers. He told investors their money was protected and promised monthly returns of between 8 percent and 18 percent. In marketing materials and presentations, Frost claimed First ...