Atlanta Receives Shocking News as First Liberty Founder Faces Allegations of $140 Million Ponzi Scheme

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S. Gregory Hays has been appointed as the receiver for First Liberty Building & Loan, which is under investigation for allegedly operating a $140 million Ponzi scheme orchestrated by founder Brant Frost IV. Hays has begun the process of managing the company's affairs, including removing computers and files from the Newnan office, and plans to interview former employees as he works to recover funds for defrauded investors. Secretary of State Brad Raffensperger has urged political recipients of contributions from First Liberty to return the funds as the investigation unfolds.

July 15, 2025

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