Frostopus Update: SOS Refers Frost V Case To DA. Probe Expanded To Other Companies. Very Little Recovered.

Big news in the Frostopus case today:

Georgia’s top securities official has barred a key executive of the collapsed First Liberty Building & Loan from the industry and referred his case to a district attorney for prosecution, dramatically escalating the state’s investigation into the politically connected firm.

The filing on Wednesday targeting Brant Frost V, the son of the firm’s founder, intensifies the fallout from an alleged investment scheme that federal regulators say bilked dozens out of more than $140 million.

The emergency order filed by Secretary of State Brad Raffensperger’s office accused Frost V of selling unregistered securities, acting without proper licenses and misleading investors about the risks tied to First Liberty.

A separate filing urges Coweta Judicial Circuit District Attorney Herb Cranford to investigate for potential charges.

Additionally, the Secretary of State’s office expanded the probe to other companies:

• Georgia is investigating whether Global Onboard Partners is an ongoing fraudulent scheme linked to an alleged First Liberty Ponzi scandal.
• Neither Global Onboard Partners, LLC, nor Kirk Adams are licensed to sell the unregistered securities they solicited from investors, officials say.
• Officials are investigating if other First Liberty borrowers were legitimate or part of the broader $140 million fraud.

Sadly, very little money has been recovered.

Court documents say that only about $3.5 million has been recovered so far in an alleged $140 million Ponzi scheme, Channel 2 Action News Investigates learned.

It was in a nondescript room in a suburban office park where people who lost hundreds of thousands of dollars, some even millions, gathered.

More than a dozen investors, several who did not want to show their names or faces on camera, all wanted to tell a story of a broken trust:

• “Sadly, I got two of my sons and a daughter involved, and we as a family lost well over $1 million.”
• “They took me for $750,000.”
• “They took my life savings.”
• “I know that several people in this room have lost over $1 million.”

Although several luxury cars were sold at auction a month ago.

For the victims, the sad consequences linger.