A Georgia businessman who used religion and conservative politics to attract investors into a major investment fraud has been sentenced to 15 years in federal prison. Chief US District Judge Leigh Martin May sentenced Edwin Brant Frost IV for running a $76 million (£58.5 million) Ponzi scheme that caused serious financial losses for more than 300 victims. Frost, 69, ran the fraudulent business through a company based in Newnan called First Liberty Building and Loan, LLC. The court also ordered him to pay $76,454,374.39 in restitution after he pleaded guilty to wire fraud charges earlier this year.
Federal investigators found that Frost transferred at least $5 million of investor money directly into his personal accounts and related businesses.
Frost used the stolen money to support an expensive lifestyle and increase his political influence, according to court documents made public by the Department of Justice. Instead of telling investors that loans were failing and the business was losing income, Frost hid the company’s financial problems. His personal spending included:
He began using money from new investors to pay the interest owed to earlier investors, a practice known as a Ponzi scheme.
“Edwin Frost orchestrated a $76 million Ponzi scheme that devastated hundreds of investors who trusted him with their hard-earned money and financial futures. Frost pleaded guilty to wire fraud charges on 12 May 2026. After completing his 15-year prison sentence, he will serve three years of supervised release.
He exploited that trust to enrich himself, diverting millions for personal luxuries and political contributions while concealing the truth about his failing business,” said Marlo Graham, Special Agent in Charge of the Federal Bureau of Investigation’s Atlanta Field Office. The complex financial investigation involved several federal and state agencies working together to trace where the diverted money had gone. Kyle A. Myles, Special Agent in Charge of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC OIG) Atlanta Region, highlighted the importance of cooperation between law enforcement agencies in bringing major fraud offenders to justice. “Mr. Frost orchestrated a multi-million dollar Ponzi scheme that defrauded hundreds of investors and used the proceeds from the fraud on lavish purchases for himself. “The FDIC OIG will continue to work with our law enforcement partners to investigate and hold accountable fraudsters who deceive innocent victims out of their hard-earned savings. Assistant United States Attorney Angela Adams prosecuted the case. The FBI and the FDIC OIG conducted the joint investigation, with additional help from the U.S. Securities and Exchange Commission and the Office of the Georgia Secretary of State.
“Today’s sentence holds Frost accountable for this massive fraud and reflects the FBI’s commitment to investigating complex financial crimes and pursuing justice for victims. Today’s sentencing brings him to justice for his crimes,” Special Agent in Charge Myles said.