Edwin Brant Frost IV

Introduction

Edwin Brant Frost IV, 69, of Newnan, Georgia, spent years pitching investors on a politically conservative, Christian lender that promised monthly returns of 8 to 18 percent from short-term “bridge loans” to small businesses — then paid old investors with new investors’ money while diverting at least $5 million into vacation rentals, jewelry, a Patek Philippe watch, rare coins and more than half a million dollars in political contributions. On 26 October 2026 Chief U.S. District Judge Leigh Martin May sentenced him to 15 years in prison for the scheme, which cost more than 300 victims over $76 million.

Background Information

Frost operated First Liberty Building and Loan, LLC, a Newnan, Georgia-based company he held out as committed to helping small businesses. He told investors their funds would finance short-term, high-interest bridge loans, that principal and interest would be repaid through borrowers’ eventual refinancing — often through loans backed by the Small Business Administration — and that First Liberty earned revenue solely from transaction fees and interest-rate spreads. He represented that borrowers had already received SBA preapproval when few, if any, had. By 2021 the company was not generating enough revenue to meet its obligations: numerous bridge loans had defaulted, borrowers had stopped paying, and legitimate income could no longer cover the interest owed to investors. Rather than disclose any of it, Frost also funneled investor money to entities related to himself or to First Liberty.

The Controversy or Incident That Led to Their Cancellation

Convicted and sentenced. Frost pleaded guilty, was convicted of wire fraud on 12 May 2026, and on 26 October 2026 was sentenced by Judge May to 15 years in prison followed by three years of supervised release, with restitution ordered in the amount of $76,454,374.39.

Rather than disclose the shortfalls, Frost reassured investors that First Liberty was using 100 percent of their money to fund bridge loans, that the loans were performing, and that only a few had defaulted; he also claimed borrowers had received SBA preapproval when few, if any, had. While lying about the failing business, he quietly used new investor funds to pay interest owed to existing investors — the mechanics of a Ponzi scheme — between at least 2021 and July 2025. His personal draw on the money included a $230,000 vacation home rental in Maine, more than $140,000 in jewelry, a $20,800 Patek Philippe watch, over $335,000 paid to a rare coin dealer, more than $2 million in credit card payments, and more than $570,000 in political contributions.

Public Reaction and Consequences

United States Attorney Theodore S. Hertzberg described Frost as having used “religion, politics, and promises of profitable returns to lure investors,” calling the case “a stunning, sinful, and sacrilegious abuse of trust that wrecked hundreds of investors, including retirees and seniors who lost their life savings.” FBI Atlanta Special Agent in Charge Marlo Graham said Frost “exploited that trust to enrich himself, diverting millions for personal luxuries and political contributions while concealing the truth about his failing business.” FDIC Office of Inspector General Special Agent in Charge Kyle A. Myles said the sentencing “brings him to justice for his crimes.”

Current Status

Frost is serving his 15-year sentence, to be followed by three years of supervised release, and owes restitution of $76,454,374.39 — the full loss figure from the scheme, spread across the more than 300 investors who bought into the bridge-loan pitch. 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. Assistant United States Attorney Angela Adams prosecuted the case.

Impact on Their Career/Life

The man who cultivated a public identity as a faith-aligned lender to small business now carries a wire-fraud conviction, a 15-year sentence at age 69, and a restitution order that exceeds three-quarters of his victims’ losses. Prosecutors framed the case as a warning about investment fraud wrapped in religious and political branding, noting that the diverted funds paid for personal luxuries and political donations while retirees and seniors lost life savings.

Sources

• U.S. Attorney’s Office, Northern District of Georgia, “Newnan Businessman Sentenced for over $76 Million Ponzi Scheme” — source