Edwin Brant Frost IV, a prominent Georgia Republican who ran a Ponzi scheme that defrauded over 300 victims of monies amounting to more than $76 million, according to federal prosecutors, has been jailed 15 years.
The 69-year-old politician had pleaded guilty in May to a charge of wire fraud that resulted from an investigation that began after First Building and Loan collapsed in June 2025. Frost, who has publicly apologised for his role, was also ordered to pay more than $76 million in restitution.
A report by The Atlanta Journal-Constitution, Frost spoke during his sentencing hearing, saying it was “difficult to be here and to listen” to victims speak about the harm they suffered.”
“I have messed up a lot of good people’s lives,” he said.
Chief U.S. District Judge Leigh Martin May said the length of the sentence reflected the severity of the damage, the newspaper reported.
Investing in First Liberty was often pitched on talk shows hosted by conservatives, including Erick Erickson, Hugh Hewitt and Charlie Kirk.
It promised returns of up to 16% by making high-interest loans to businesses. Frost, an evangelical powerbroker, touted “Wall Street returns for Main Street investors.” But he skimmed $17 million for himself, his relatives and their affiliated companies, and loaned millions more that borrowers never repaid, a U.S Securities and Exchange Commission lawsuit said.
The firm’s collapse rocked the religious and political networks that fed cash to the business, based in suburban Newnan, southwest of Atlanta. It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates that Frost and his family have favored. Investigators said Frost spent $570,000 from investor funds on political contributions.
U.S. Attorney Theodore S. Hertzberg likened Frost to a “false prophet and ravenous wolf in sheep’s clothing,” using religion, politics and promises of wealth to exploit investors and enrich himself.
“This was a stunning, sinful, and sacrilegious abuse of trust that wrecked hundreds of investors, including retirees and seniors who lost their life savings,” Hertzberg said in a press release.
