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flag Seven months after a $140M Ponzi scheme collapse, investors recover only $3.59M, with no criminal charges and slow progress.

flag Seven months after the collapse of an alleged $140 million Ponzi scheme tied to First Liberty Building and Loan, investors continue to face slow recovery of losses, with only $3.59 million in assets recovered as of December 2025. flag The company, led by conservative figure Brant Frost IV, allegedly used investor funds for personal expenses, unrecovered loans, and over $1 million in political donations. flag A federal receiver, Gregory Hays, has sold luxury assets including vehicles and a watch, but has spent over $400,000 from investor funds on recovery efforts. flag Georgia Secretary of State Brad Raffensperger, a gubernatorial candidate, faces pressure to improve fraud detection, with lawmakers proposing to shift securities oversight to the Department of Banking and Finance. flag Federal prosecutors have not announced criminal charges, and many victims fear they will never recover their money.

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