ATLANTA — The founder of a Georgia-based lending company was sentenced to 15 years in prison after pleading guilty to federal wire fraud charges in a multi-million dollar Ponzi scheme.
Edwin Brant Frost IV, founder of First Liberty Building and Loan, has been sentenced to spend more than a decade in federal prison. He is accused of using his Christian faith and Republican political connections to attract more than 300 investors.
In addition to his prison sentence, Frost is required to pay more than $76 million in restitution to the victims.
Federal prosecutors describe the scheme as a sustained and calculated fraud, alleging Frost continued seeking investments even after knowing the operation was collapsing.
Prosecutors say Frost continued spending lavishly and making political donations while investors lost millions of dollars.
In letters submitted to the judge, victims described the financial and emotional toll of the scheme. Some reported losing their entire life savings, experiencing migraines and seeking mental health treatment.
Others said they were forced to return to work in their 70s after losing their retirement savings.
Meanwhile, Frost’s relatives, friends and supporters have described him as a mentor, role model and man of faith.
His defense attorneys argue that Frost never intended to harm investors, pointing out that his own daughter also lost her entire savings in the scheme.
The defense also says Frost accepted responsibility early and is eager to make amends.
Federal sentencing guidelines call for approximately 20 years in prison. However, prosecutors are seeking a 14-year sentence, while Frost’s defense attorneys are requesting five years.
WSB Radio’s Veronica Waters, Miles Montgomery and Ashley Simmons contributed to this story.