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SEC Charges Georgia-Based First Liberty in $140M Ponzi Scheme
SEC Charges Georgia-Based First Liberty in $140M Ponzi Scheme
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BTCCSquare news:
The U.S. Securities and Exchange Commission has filed civil charges against First Liberty Building & Loan and its founder, Edwin Brant Frost IV, alleging a decade-long Ponzi scheme that defrauded 300 investors of at least $140 million. The SEC claims investors were lured with promises of 18% returns through promissory notes tied to business bridge loans.
Regulators assert the operation collapsed into a classic Ponzi structure by 2021, with new investor funds repaying earlier participants. Frost allegedly diverted millions for personal expenses, including rare coin purchases and credit card payments. An emergency asset freeze has been requested as the case unfolds.
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