COWETA COUNTY, Ga. — A $500,000 fine has been imposed against against Edwin Brant Frost V, the son of First Liberty’s founder Brant Frost IV. First Liberty previously came under fire over an alleged $140 million Ponzi scheme that targeted mainly Republican investors. The Georgia Secretary of State’s Office Securities and Charities Division has also referred the case to the district attorney in Coweta County for possible criminal prosecution and to the Georgia Insurance Commissioner’s Office for further potential sanctions. Documents show more than 150 complaints were submitted by investors and an investigation was launched. An emergency order, signed by Assistant Commissioner of Securities Noula Zaharis, was issued on Feb. 18. The document also states Frost V is barred from agent activity and from being an investment adviser in Georgia. Frost V, the documents show, worked with First Liberty from about Oct. 2008 until it closed in June of 2025. Officials claim his role was to communicate with investors to invest in their Loan Participation Agreement and First Liberty Note programs. Those programs, according to a U.S. Securities and Exchange Commission (SEC) civil lawsuit , mostly we
