Frost receives 15 years for First Liberty Ponzi scheme and more than $76 million restitution

SEC alleges $17 million skimmed; investigators cite $570,000 in political contributions

In Newnan, Georgia, Edwin Brant Frost IV, 69, a prominent Georgia Republican, was sentenced to 15 years in federal prison. Chief U.S. District Judge Leigh Martin May imposed the term, and Frost was ordered to pay more than $76 million in restitution. Federal prosecutors said the Ponzi scheme caused losses of more than $76 million to more than 300 victims.

Frost pleaded guilty in May to a charge of wire fraud. The charge resulted from an investigation that began after First Liberty Building and Loan collapsed in June 2025. The business was based in suburban Newnan, southwest of Atlanta, and Frost had publicly apologized for his role.

First Liberty promised returns of up to 16% by making high-interest loans to businesses. A U.S. Securities and Exchange Commission lawsuit said Frost skimmed $17 million for himself, his relatives and their affiliated companies. The lawsuit also said he loaned millions more to borrowers who never repaid.

Investing in First Liberty was often pitched on talk shows hosted by conservatives, including Erick Erickson, Hugh Hewitt and Charlie Kirk. Frost promoted the investment with the line “Wall Street returns for Main Street investors.” The Associated Press described Frost as an “evangelical powerbroker.”

The Associated Press reported that the collapse affected the religious and political networks that supplied cash to the business. The Associated Press also said the collapse could have ramifications in state Republican politics, including cutting off funding to candidates it described as “far-right candidates” that Frost and his family had favored. Investigators said Frost spent $570,000 from investor funds on political contributions.

At his sentencing hearing, Frost said it was “difficult to be here and to listen” to victims speak about the harm they suffered, The Atlanta Journal-Constitution reported. He also said, “I have messed up a lot of good people’s lives.”

The Atlanta Journal-Constitution reported that Chief U.S. District Judge Leigh Martin May said the length of the sentence reflected the severity of the damage.

U.S. Attorney Theodore S. Hertzberg said Frost used religion, politics and promises of wealth to exploit investors and enrich himself. Hertzberg likened Frost to a “false prophet and ravenous wolf in sheep’s clothing.” In a press release, he said: “This was a stunning, sinful, and sacrilegious abuse of trust that wrecked hundreds of investors, including retirees and seniors who lost their life savings.”