The former co-leader of Georgia Savings and Loan Elimination, a lending firm now the subject of a state and federal Ponzi scheme investigation, has been granted an insurance producer license in the state.
According to the National Association of Insurance Commissioners License Verification Site, Edwin Brant Frost, who previously worked with his father at First Liberty Building & Loan, now works with his father at First Liberty Building & Loan, according to the National Association of Insurance Commissioners License Verification Site. Frost was licensed for life, accident and sickness lines in August, and is appointed with several life and health insurers.
For months, news sites and court filings have indicated that the U.S. Securities and Exchange Commission and Georgia authorities have intensified their investigations into First Liberty Exchange after the financial firm allegedly defrauded 300 investors of more than $140 million. The operation was billed as a Christian, faith-based loan provider.
The SEC filed suit in federal court in Georgia in July, saying the elder Frost, Brant Frost IV, had promised returns of more than 18 percent. But it was all a Ponzi scheme starting in 2021, and Frost IV allegedly used millions of dollars for personal gain and political donations, the SEC complaint says.
According to news reports, the elder Frost has accepted responsibility and promised to repay investors.
The new insurance agent FrostVe is not named in the SEC complaint, but the Secretary of State’s office has cited it as a subpoena. He resigned from First Independence in July and declined to comment to the news media, according to the Atlanta Journal-Constitution and other sites.
Photo: The now-closed office of First Liberty Building & Loan in Nivan. (AP Photo/Jeff Amy)
Read more about First Freedom: Owner of Georgia commercial lender charged with $140 million Ponzi scheme
How an Alleged Ponzi Scheme Left Republican Investors and Politicians in the South Railing
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