ATLANTA — The co-founder of a Newnan-based lending company is facing federal charges in connection with an alleged Ponzi scheme.

Brant Frost V, co-founder of First Liberty Building & Loan, was arraigned in federal court Thursday on a wire fraud charge and entered a not guilty plea.

The U.S. Attorney’s Office in Atlanta said the alleged scheme defrauded hundreds of investors.

Prosecutors said investor money was misused for personal and extravagant purchases. Officials said Frost remains under federal charges as the investigation continues.

Frost was fined $500,000 in February 2026 by the Georgia Secretary of State’s Office as part of an ongoing investigation into the company.

Georgia Secretary of State Brad Raffensperger said investigators are continuing to follow financial records tied to the case.

“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.”

Officials also urged anyone who believes they may have been impacted to contact the Securities Division of the Secretary of State’s Office.

Sec. Raffensperger is also encouraging anyone who believes they may have been defrauded by First Liberty Building and Loan to contact the Securities Division of the Georgia Secretary of State’s Office immediately by clicking here.

The investigation remains ongoing.