Edwin Brant Frost IV, 69, of Newnan, Georgia, founder of First Liberty Building & Loan, was sentenced on Monday to 15 years in prison, to be followed by three years of supervised release, and ordered to pay restitution of $76,454,374.39 — yaani about $76.45 million — the U.S. Attorney's Office for the Northern District of Georgia said. Chief U.S. District Judge Leigh Martin May imposed the sentence.

Frost was convicted of wire fraud on May 12, 2026, after he pleaded guilty, the U.S. Attorney's Office said. Reporting originally from Georgia Recorder, carried by The Walton Tribune, described the scheme as a $140 million Ponzi scheme that officials say began around 2021 and drew in about 300 investors; the restitution ordered on Monday was $76.45 million.

The U.S. Attorney's Office said Frost spent investor funds on extravagant personal items, including a $230,000 vacation home rental in Maine, more than $140,000 in jewellery, a $20,800 Patek Philippe watch, more than $335,000 paid to a rare coin dealer, more than $2 million in credit card payments and more than $570,000 in political contributions. It said he also funnelled investor money to entities related to himself or First Liberty.

The case was investigated by the FBI and the FDIC Office of Inspector General, with substantial assistance from the Securities and Exchange Commission and the Office of the Georgia Secretary of State, the U.S. Attorney's Office said. Assistant U.S. Attorney Angela Adams prosecuted the case.