Dozens of victims may recover losses in Georgia Ponzi case
Victims in Georgia Ponzi case could get money back
Georgia officials say some victims of a massive Ponzi scheme could soon recover part of their losses following a new agreement announced at the state Capitol. Tyler Fingert reporting.
ATLANTA - Georgia officials say some victims of a massive Ponzi scheme could soon recover part of their losses following a new agreement announced at the state Capitol.
What we know:
During a news conference, Secretary of State Brad Raffensperger said 46 investors may be repaid through a deal with a financial services company. The victims were reportedly directed into the scheme by a former advisor.
The case centers on the alleged First Liberty Building and Loan scheme, which investigators believe cost Georgians at least $140 million. Officials say the operation was led by Edwin Brant Frost IV, who is also under federal investigation.
State officials said enforcement actions have already been taken against several individuals connected to the case, including issuing emergency orders and civil penalties.
Authorities say the impact goes far beyond financial losses, with many victims — including seniors — losing their life savings. So far, about 150 victims have come forward, but officials believe the total number could be closer to 300.
What's next:
Investigators are urging anyone who believes they were affected to come forward as efforts continue to recover funds and hold those responsible accountable.
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