Brant Frost IV

Edwin Brant Frost IV
Born:	1958 (age 67 as of 2025)
Occupation:	Financial company founder
Known for:	Founder of First Liberty Building & Loan, LLC
Charges:	Wire fraud (1 count), 18 U.S.C. § 1343
Sentence:	Pending (sentencing August 14, 2026)
Facility:
Status:	Convicted, awaiting sentencing

Edwin Brant Frost IV, commonly known as Brant Frost IV, is an American financial company founder from Newnan, Georgia. He founded and owned First Liberty Building & Loan, LLC, a private lending firm that the U.S. Securities and Exchange Commission and federal prosecutors identified as a Ponzi scheme. The operation raised at least $140 million from approximately 300 investors before it collapsed in 2025.

First Liberty marketed itself as a faith-driven, conservative alternative to traditional banking and described its lending model as part of a "patriot economy." The company advertised on conservative talk-radio and political media and presented its leadership as Christian. Frost was a prominent Republican donor in Georgia, and his family held leadership roles in the state party.

Frost pleaded guilty to one count of wire fraud in federal court on May 12, 2026. He admitted that he participated in a scheme that used money from new investors to repay earlier investors while concealing the company's financial losses. Sentencing is set for August 14, 2026. The charge carries a maximum penalty of 20 years in prison, and prosecutors have recommended a 14-year sentence. A parallel civil enforcement action by the Securities and Exchange Commission, filed in July 2025, named both Frost and First Liberty.

Background

Edwin Brant Frost IV is based in Newnan, Georgia, in Coweta County. He was 67 years old at the time the Securities and Exchange Commission filed charges in July 2025. He built First Liberty Building & Loan as a private lending business that solicited money from individual investors.

Frost and his family were active in Georgia Republican politics. His son, Edwin Brant Frost V, served as a former vice chair of the state party and as chair of the Coweta County Republican Party. His daughter, Katie Frost, chaired the state party's Third District committee. The family was associated with the Georgia Republican Assembly, a faction within the state party.

Frost was a notable political donor. The Securities and Exchange Commission alleged that he used more than $570,000 of investor money for political donations. Reporting on the case stated that Frost and people connected to him contributed more than $1.4 million to political causes.

After the scheme was made public, Georgia Secretary of State Brad Raffensperger's office took separate state action against Frost's son. Edwin Brant Frost V was fined $500,000 and barred from acting as an investment adviser in Georgia.

First Liberty Building & Loan

First Liberty Building & Loan, LLC was a private lending firm headquartered in Newnan, Georgia. The company told investors that it pooled their money to make short-term bridge loans to businesses at relatively high interest rates, then passed a portion of that interest back to investors.

The company offered two main products. It sold promissory notes, branded as "First Liberty Notes," that promised annual returns of roughly 8 to 13 percent. It also operated a friends-and-family loan participation program that offered returns as high as 14 to 18 percent.

First Liberty presented itself as a faith-based, conservative alternative to conventional banking. Its marketing described an investment philosophy tied to a "patriot economy," and its promotional materials described its executives as followers of Christ. The company advertised through conservative media, including programs hosted by Erick Erickson and Hugh Hewitt, and through paid spots associated with Charlie Kirk. The firm also ran advertising on Atlanta Braves radio broadcasts.

The Securities and Exchange Commission stated that First Liberty and Frost offered and sold these securities from approximately 2014 through June 2025. The company stopped accepting new investments and effectively closed in mid-2025, which led investors to question whether their money remained.

The Ponzi Scheme

A Ponzi scheme is a fraudulent investment operation in which money from new investors is used to pay returns to earlier investors rather than from genuine business profit. The Securities and Exchange Commission alleged that First Liberty functioned this way for several years before it collapsed.

According to the Commission, First Liberty operated as a Ponzi scheme since at least 2021. By that point the bridge-loan business was not generating enough income to support the promised returns. Investigators stated that roughly 80 percent of the interest and principal payments to investors came from new investor deposits rather than loan revenue.

The Commission also alleged that Frost did not invest a substantial portion of the money as represented. Instead, he directed investor funds to personal and family use. The complaint described the following expenditures of investor money:

• More than $2.4 million in payments on personal credit cards.
• More than $335,000 paid to a rare coin dealer.
• About $230,000 spent on a family vacation rental in Kennebunkport, Maine.
• About $140,000 on jewelry.
• A $20,800 Patek Philippe watch.
• More than $570,000 in political donations.

The scheme drew approximately 300 investors and raised at least $140 million in total. Many of the investors were retail customers who had been reached through conservative and faith-based marketing. One identified investor, Richard Hortman, reported losing about $275,000 from decades of savings on an investment he made in 2025.

When First Liberty closed, a federal court appointed a receiver to recover and distribute remaining assets. The receiver later reported that the company's records were in poor condition and warned that many investors were unlikely to recover most of their losses.

Guilty Plea and Sentencing

The Securities and Exchange Commission filed its civil complaint against Frost and First Liberty on July 10, 2025, in the U.S. District Court for the Northern District of Georgia. The Commission sought injunctions, the return of allegedly misappropriated funds, and civil penalties. The court froze Frost's assets in connection with the case.

Federal prosecutors brought a parallel criminal case. On May 12, 2026, Frost pleaded guilty to a single count of wire fraud under 18 U.S.C. § 1343. He admitted that he knowingly participated in a scheme that used money from new investors to repay earlier investors while concealing the company's mounting financial problems.

The wire fraud charge carries a maximum penalty of 20 years in prison. Prosecutors recommended a sentence of 14 years. Sentencing is scheduled for August 14, 2026, in the Northern District of Georgia.

Frequently Asked Questions

Q: Who is Brant Frost IV?

Edwin Brant Frost IV, known as Brant Frost IV, is the founder and owner of First Liberty Building & Loan, LLC, a private lending firm in Newnan, Georgia. Federal prosecutors and the Securities and Exchange Commission identified the firm as a Ponzi scheme that raised at least $140 million from about 300 investors. Frost pleaded guilty to wire fraud on May 12, 2026.

Q: What was First Liberty Building & Loan?

First Liberty Building & Loan, LLC was a private lending company in Newnan, Georgia, founded by Brant Frost IV. It told investors it made short-term bridge loans to businesses and offered returns of about 8 to 18 percent. The Securities and Exchange Commission alleged it operated as a Ponzi scheme from at least 2021 until it collapsed in 2025.

Q: What did Brant Frost do?

Frost ran First Liberty as a Ponzi scheme, using money from new investors to pay returns to earlier investors while concealing the company's losses. The Securities and Exchange Commission alleged he also misappropriated investor money for personal use, including credit card payments, rare coins, jewelry, a luxury watch, family vacations, and political donations. He pleaded guilty to one count of wire fraud.

Q: How big was the First Liberty Ponzi scheme?

The scheme raised at least $140 million from approximately 300 investors. The Securities and Exchange Commission said First Liberty offered and sold securities from about 2014 through June 2025 and operated as a Ponzi scheme since at least 2021.

Q: How did First Liberty market itself?

First Liberty described itself as a faith-driven, conservative alternative to traditional banking and tied its model to a "patriot economy." It advertised on conservative media, including programs hosted by Erick Erickson and Hugh Hewitt and spots associated with Charlie Kirk, and on Atlanta Braves radio broadcasts. Its materials described its leadership as Christian.

Q: What did Brant Frost spend investor money on?

The Securities and Exchange Commission alleged Frost used investor funds for more than $2.4 million in credit card payments, over $335,000 to a rare coin dealer, about $230,000 on a Kennebunkport, Maine vacation rental, about $140,000 on jewelry, a $20,800 Patek Philippe watch, and more than $570,000 in political donations.

Q: Is Brant Frost a Republican donor?

Yes. Frost was a prominent Republican donor in Georgia, and his family held leadership roles in the state party. His son, Edwin Brant Frost V, was a former state party vice chair and Coweta County GOP chair, and his daughter, Katie Frost, chaired the party's Third District committee. The SEC alleged Frost used more than $570,000 of investor money for political donations.

Q: What did Brant Frost plead guilty to?

On May 12, 2026, Frost pleaded guilty in federal court to a single count of wire fraud under 18 U.S.C. § 1343. He admitted participating in a scheme that used new investor money to repay earlier investors while concealing the company's financial losses.

Q: What sentence does Brant Frost face?

The wire fraud charge carries a maximum penalty of 20 years in prison. Prosecutors recommended a 14-year sentence. Sentencing is scheduled for August 14, 2026, in the U.S. District Court for the Northern District of Georgia.

Q: Will First Liberty investors get their money back?

A federal court appointed a receiver to recover and distribute remaining assets after the company closed. The receiver reported that the company's records were in poor condition and warned that many investors were unlikely to recover most of their losses.