Prominent Georgia Republican gets 15 years in prison after pleading guilty in Ponzi scheme

Edwin Brant Frost IV, a prominent Georgia Republican, has been sentenced to 15 years in federal prison for running a Ponzi scheme that caused losses of over $76 million to more than 300 victims. Frost, 69, pleaded guilty in May to a charge of wire fraud and was also ordered to pay over $76 million in restitution.

Frost's scheme involved First Liberty Building and Loan, a business that promised high-interest loans to businesses and claimed to offer "Wall Street returns for Main Street investors." However, Frost skimmed $17 million for himself and his relatives, and loaned millions more that borrowers never repaid.

The scheme collapsed in June 2025, after First Liberty collapsed, and investigators found that Frost spent $570,000 from investor funds on political contributions. US Attorney Theodore S.

Hertzberg likened Frost to a "false prophet and ravenous wolf in sheep's clothing," who used religion, politics, and promises of wealth to exploit investors and enrich himself. Frost, who has publicly apologized for his role, spoke during his sentencing hearing, saying it was "difficult to be here and to listen" to victims speak about the harm they suffered.

He also stated that he had "messed up a lot of good people's lives." The collapse of First Liberty has had significant repercussions in state Republican politics, cutting off funding to far-right candidates that Frost and his family have favored.

The scheme also had a devastating impact on retirees and seniors who lost their life savings. The US Securities and Exchange Commission had previously filed a lawsuit against Frost, alleging that he skimmed $17 million for himself and his relatives, and loaned millions more that borrowers never repaid.