A Georgia Republican Ponzi scheme that prosecutors say cost more than 300 investors over $76 million ended with a 15-year federal prison sentence for Edwin Brant Frost IV, a prominent conservative activist in the state.
Frost, 69, pleaded guilty in May to wire fraud following an investigation that began after First Liberty Building and Loan collapsed in June 2025. He was ordered to pay more than $76 million in restitution, according to federal officials. Frost has publicly apologized for his role.
During his sentencing hearing in Newnan, southwest of Atlanta, Frost said it was difficult to hear from victims about the financial harm they suffered. He added, “I have messed up a lot of good people’s lives.”
Chief U.S. District Judge Leigh Martin May said the length of the prison term reflected the extent of the losses and the damage to victims.
Georgia Republican Ponzi scheme pitched high returns
First Liberty was frequently promoted on conservative talk programs hosted by Erick Erickson, Hugh Hewitt and Charlie Kirk. The investment promised returns of up to 16 percent by issuing high-interest loans to businesses. Frost, an influential evangelical figure, marketed the effort as delivering strong returns to everyday investors.
According to a U.S. Securities and Exchange Commission lawsuit, Frost siphoned $17 million for himself, relatives and affiliated entities, and extended millions more in loans that were never repaid.
The collapse rattled religious and political networks that had invested in the suburban Newnan firm. It may also affect Georgia Republican politics by cutting off financial support to far-right candidates long backed by Frost and his family. Investigators said $570,000 in investor funds went to political contributions.
U.S. Attorney Theodore S. Hertzberg called Frost a “false prophet and ravenous wolf in sheep’s clothing” who used faith, politics and promises of wealth to target investors and enrich himself. He said the conduct was a “stunning, sinful, and sacrilegious abuse of trust” that devastated hundreds of investors, including seniors and retirees who lost their savings.
The collapse rattled religious and political networks that had invested in the suburban Newnan firm. It may also affect Georgia Republican politics by cutting off financial support to far-right candidates long backed by Frost and his family. Investigators said $570,000 in investor funds went to political contributions.
It may also affect Georgia Republican politics by cutting off financial support to far-right candidates long backed by Frost and his family. Investigators said $570,000 in investor funds went to political contributions.
