by Maya Homan, Georgia Recorder, [This article first appeared in the Georgia Recorder, republished with permission]

July 15, 2025

Georgia Secretary of State Brad Raffensperger has joined a growing chorus of voices calling for the return of political contributions from the now-defunct First Liberty Building and Loan, a Newnan-based lending firm with longstanding ties to the Republican Party.

The company has come under fire after federal officials filed a lawsuit accusing First Liberty’s founder, Brant Frost IV, of running a Ponzi scheme that defrauded 300 investors out of at least $140 million. According to the complaint, Frost misled investors about the nature of his business while funneling over $5 million to himself and his family members. He also improperly used investor funds to make more than $570,000 in political contributions, the complaint alleged, all of which went to Republican candidates and committees.

“I take full responsibility for my actions and am resolved to spend the rest of my life trying to repay as much as I can to the many people I misled and let down,” Frost said in a statement issued through his lawyer. “I will be cooperating with the receiver and federal authorities and ask that everyone allow the receiver time to sort things out and do his best to repair the damage I created.” 

The allegations have shocked Georgia’s Republican political network, of which the Frost family has long been a part. In 1988, Frost served as Georgia state director for Pat Robertson, a conservative televangelist-turned-Republican presidential candidate. His son, Brant Frost V, worked as a principal at First Liberty and also served as a former vice-chair of the Georgia GOP. His daughter, Katie Frost, chairs a regional committee for the state party. Until last month, both siblings held leadership roles in the Georgia Republican Assembly, a far-right wing of the Georgia Republican Party.

Past recipients of Frost’s political contributions include Georgia Gov. Brian Kemp — who last received a donation from Frost in 2019 — as well as state Sen. Colton Moore and state Rep. Charlice Byrd, according to data from the Georgia State Ethics Commission. Other out-of-state candidates who have received major contributions from Frost include Florida Gov. Ron DeSantis and U.S. Rep. Lauren Boebert, a Republican from Colorado.

Raffensperger, whose office is investigating First Liberty alongside the Securities and Exchange Commission, urged recipients to return political contributions they have received from the company or from the Frost family.

“Now is the time for every elected official, candidate, or political action committee who received financial support from this entity currently under investigation to stand up and help the victims,” Raffensperger said. “Ill-gotten gains do not belong in the State Capitol.”

The Democratic Party of Georgia has also urged Republican officials to return the funds.

“We have just learned that numerous Republican elected representatives are funded by money defrauded from unsuspecting Georgians,” said DPG Chair Charlie Bailey. “Now the question is whether Brian Kemp, the Georgia Republican Party, and all the electeds who received this money will do the right thing and return it to the hardworking Georgians from whom it was stolen.”

Georgia Recorder is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Georgia Recorder maintains editorial independence. Contact Editor Jill Nolin for questions: info@georgiarecorder.com.