Edwin Brant Frost IV, a former principal of First Liberty Building and Loan, was sentenced on Tuesday, Oct. 27, 2026, to 15 years in federal prison for operating a Ponzi scheme. Chief U.S. District Judge Leigh Martin May ordered Frost to pay more than $76 million in restitution to victims of the fraud.
The sentencing followed a federal investigation that began after the collapse of First Liberty Building and Loan in June 2025. Frost, 69, of Newnan, Georgia, pleaded guilty to wire fraud in May 2026.
Federal prosecutors reported that the scheme caused losses exceeding $76 million for more than 300 victims, many of whom were retirees and seniors. During the sentencing hearing, Frost addressed the court, stating that he had messed up many people's lives and that it was difficult to hear testimony regarding the damage he caused.
Investing in First Liberty was often pitched on talk shows hosted by conservatives, including Erick Erickson, Hugh Hewitt and Charlie Kirk. The firm had solicited investors by promising returns as high as 16% through high-interest business loans. A U.S. Securities and Exchange Commission (SEC) lawsuit alleged that Frost took $17 million for personal use, his relatives, and affiliated companies. Investigations also indicated that Frost used $570,000 of investor funds to make political contributions.
The case also impacts the political landscape in Georgia. Investigators found that Frost diverted $570,000 from investor funds to support political candidates, and the collapse of his firm has disrupted the religious and political networks that provided capital for the business.
Following the sentencing, Frost will begin serving his 15-year sentence in federal prison. The SEC lawsuit remains a separate legal action alongside the completed criminal sentencing.