ATLANTA — A co-founder of a Georgia-based financial company has been fined $500,000 by the Secretary of State’s office and referred to the Coweta County District Attorney for possible prosecution for violating state law.

Brant Frost V, the co-founder of First Liberty Building and Loan, faces the penalty as part of ongoing investigations into a multi-million-dollar Ponzi scheme tied to the company.

Secretary of State Brad Raffensperger said additional orders related to the case are expected soon, and the office’s work is continuing.

“We’ll continue our investigation,” Raffensperger said. “We are following the money trail. The record keeping wasn’t the best it could have been, but our auditors are the best that are out there, and that is why I hired this team.”