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Friday, October 30, 2026
A prominent Georgia Republican and Newnan businessman has been sentenced to 15 years in federal prison for a wire fraud charge connected with a massive Ponzi scheme, prosecutors say. Edwin Brant Frost IV had pleaded guilty to one count of wire fraud in connection with a federal investigation that began after First Liberty Building and Loan, the company he led, collapsed last June. According to officials, Frost's company said it was a lender making high-interest short-term loans to businesses, paying investors between 8 and 18 percent from the repayment of the "Bridge Loans." Instead, prosecutors say Frost stole millions of dollars for himself, using the money to rent a vacation home in Maine, buy jewelry and watches, pay off over $2 million on credit card bills, and spend over $570,000 on political contributions. |
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