Edwin Brant Frost IV, a prominent Georgia Republican, was sentenced to 15 years in federal prison after pleading guilty in May to wire fraud. The 69-year-old ran First Liberty Building and Loan, which federal prosecutors said caused losses exceeding $76 million to more than 300 victims. Frost was ordered to pay more than $76 million in restitution.
The scheme promised investment returns of up to 16 percent through high-interest loans to businesses. Frost, an evangelical powerbroker, marketed "Wall Street returns for Main Street investors." According to an SEC lawsuit, he skimmed $17 million for himself, his relatives, and affiliated companies while loaning millions more that borrowers never repaid. First Liberty collapsed in June 2025.
The firm was based in suburban Newnan, southwest of Atlanta. Its investments were pitched on talk shows hosted by conservatives including Erick Erickson, Hugh Hewitt, and Charlie Kirk. Investigators found Frost spent $570,000 from investor funds on political contributions.
Chief U.S. District Judge Leigh Martin May said the sentence length reflected the severity of damage caused. U.S. Attorney Theodore S. Hertzberg called Frost a "false prophet and ravenous wolf in sheep's clothing" who used religion, politics, and promises of wealth to exploit investors.
Frost spoke at his sentencing hearing. "I have messed up a lot of good people's lives," he said, according to the Atlanta Journal-Constitution. The collapse affected religious and political networks that funded the business and could reduce donations to far-right candidates favored by Frost and his family.