Overview

• SEC alleges Frost and First Liberty Building & Loan defrauded at least 300 investors of $140 million by using new contributions to pay returns since 2021.
• First Liberty marketed high-yield loan participation agreements and promissory notes promising 14%–18% and 8%–13% returns to conservative Christian and GOP audiences on right-wing radio and podcasts.
• The SEC complaint details millions in personal expenditures including a $20,800 Patek Philippe watch, Kennebunkport vacation home rentals, jewelry purchases and over $2 million in credit-card charges.
• The federal lawsuit seeks monetary penalties and clawbacks of investor funds as the case moves through Atlanta’s federal court.
• Investigators say Frost’s fundraising was bolstered by his longstanding Georgia Republican connections and a “patriot economy” pitch blending faith and politics.