Full Breakdown
Georgia Fundraiser Brant Frost Pleads Guilty in $140 Million Ponzi Scheme
5/13/2026, 4:45:59 AM
The Guilty Plea and Criminal Charges
On Tuesday, Brant Frost IV, a Georgia fundraiser, pleaded guilty to wire fraud before U.S. District Chief Judge Leigh Martin May. The plea constitutes the first criminal conviction tied to the June shutdown of First Liberty Building & Loan.
First Liberty Building & Loan’s Conservative Banking Pitch
First Liberty Building & Loan, a Georgia lender not federally insured, offered “First Liberty Notes” promising up to 13 percent annual returns. Marketing portrayed the firm as a conservative, faith-driven alternative to traditional banks, emphasizing “authentic followers of Christ” and targeting investors wary of mainstream institutions.
Principal Actors in the Scheme
The scheme centered on Brant Frost IV, a Georgia fundraiser, and First Liberty Building & Loan. Federal regulators and the Securities and Exchange Commission (SEC) pursued civil actions against both. Receiver S. Gregory Hays was tasked with asset recovery. Retired electrical worker Thomas Todd, 77, reported a $750,000 loss.
Financial Scope and Investor Losses
Regulators alleged First Liberty operated a $140 million Ponzi scheme, using new investor capital to satisfy earlier obligations. Thomas Todd’s $750,000 investment was among the losses. The receiver reported tracing tens of thousands of transactions across a network of accounts and warned most victims are unlikely to recover the bulk of their losses.
Official Statements and Responses
Federal regulators accused First Liberty of operating the $140 million scheme, and SEC filed a civil complaint alleging the firm used new investor money to cover obligations to earlier investors while portraying the business as a conservative, faith-driven alternative to traditional banking, promising big returns. Court accepted Frost’s guilty plea and tasked receiver S. Gregory Hays with recovering assets for investors.
Victims’ Perspectives and Criticism
The collapse reverberated through conservative circles, sparking criticism of Frost’s portrayal of the firm as a faith-based alternative. Thomas Todd, a 77-year-old retired electrical worker who lost $750,000, said the scheme stole “God’s money” and expressed daily prayers for the perpetrators.
Conflicting Reports and Gaps
Regulators and the SEC characterize the operation as a $140 million Ponzi scheme, yet Frost’s criminal case is limited to a wire-fraud charge, leaving the full scope of illegal conduct unaddressed. The receiver has not disclosed recovery amounts or the total number of affected investors, creating gaps in the public record.
Verbatim Quotes
“They didn’t steal from me. They stole God’s money,” — Thomas Todd, retired electrical worker
“I pray for them every day — every morning. They need those prayers. But they also need to pay for what they did.” — Thomas Todd, retired electrical worker
“used new investor money to cover obligations to earlier investors while portraying the business as a conservative, faith-driven alternative to traditional banking, with promises of big returns.” — U.S. Securities and Exchange Commission (SEC) filing
“spent months trying to recover money for investors, tracing tens of thousands of transactions across a maze of accounts.” — S. Gregory Hays, court-appointed receiver
What's Next
Receiver S. Gregory Hays continues tracing assets and pursuing legal avenues to maximize restitution.
