Newnan businessman sentenced to 15 years in $76M Ponzi scheme
This sketch depicts Edwin Brant Frost IV, who is accused of running a Ponzi scheme, with his attorneys in front of a federal judge in Atlanta on April 23, 2026. (Sketch by Lauren Lacy)
NEWNAN, Ga. - A 69-year-old Newnan man will spend 15 years in federal prison after defrauding more than 300 investors out of $76 million in a massive Ponzi scheme, according to federal prosecutors.
What we know:
Chief U.S. District Judge Leigh Martin May ordered Edwin Brant Frost IV to serve 15 years in prison followed by three years of supervised release, according to the U.S. Attorney's Office.
Court records show Frost must also pay $76,454,374.39 in restitution after pleading guilty to wire fraud on May 12.
Investigators said Frost operated First Liberty Building and Loan, LLC, targeting investors by pitching the company as a politically conservative, Christian lender.
He promised monthly returns between 8 and 18 percent on short-term bridge loans to small businesses, claiming the loans were backed by the Small Business Administration.
By the numbers:
Between 2021 and July 2025, First Liberty failed to generate enough revenue as loans defaulted, leading Frost to pay older investors using funds from new clients.
Prosecutors said Frost diverted at least $5 million of investor money for his own personal use.
Court documents detail his personal spending from the scheme:
- $230,000 for a vacation home rental in Maine
- More than $140,000 in jewelry purchases
- $20,800 for a Patek Philippe watch
- Over $335,000 paid to a rare coin dealer
- More than $2 million in credit card payments
- More than $570,000 in political contributions
What they're saying:
"Like a false prophet and ravenous wolf in sheep’s clothing, Frost used religion, politics, and promises of profitable returns to lure investors into giving him their hard-earned money," said U.S. Attorney Theodore S. Hertzberg. "He wickedly exploited their faith to plunder their accounts and enrich himself."
Special Agent in Charge Kyle A. Myles of the FDIC Office of Inspector General added that the sentence holds Frost accountable after he "used the proceeds from the fraud on lavish purchases for himself."
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What we don't know:
Authorities have not disclosed how much money victims will be able to recover through the $76.4 million restitution order. Officials have also not released a complete timeline for when restitution payments might begin.
The Source: The information in this story was gathered from U.S. Attorney Theodore S. Hertzberg, who detailed the court charges and sentencing, as well as statements from FBI Atlanta Special Agent in Charge Marlo Graham and FDIC OIG Special Agent in Charge Kyle A. Myles.