State accuses political committee linked to First Liberty of illegally influencing elections

The State Ethics Commission recently announced that the Georgia Republican Assembly PAC is facing multiple violations of Georgia law, totaling 61 infractions. The violations stem from the aftermath of the collapse of First Liberty Building & Loan. Among the allegations are the failure to report significant campaign expenditures, the omission of several required campaign reports, and the improper registration as an independent political committee before accepting donations.

First Liberty, based in Newnan, found itself embroiled in scandal when its founder, Brant Frost IV, was accused by the Securities and Exchange Commission of misappropriating millions of dollars of investor funds for personal use. This included funneling over $570,000 into political contributions for conservative candidates and causes. An investigation by the Atlanta Journal-Constitution revealed that the Georgia Republican Assembly PAC was the primary beneficiary of Frost’s campaign contributions. The PAC supported far-right Republican candidates, often challenging more mainstream contenders, with roughly $162,000 donated by Frost IV and his family.

The Executive Director of the Ethics Commission, David Emadi, hinted that the charges announced are just the tip of the iceberg. Further investigations are ongoing, and additional charges may be forthcoming. Emadi emphasized the commission’s commitment to pursuing all violations committed by the Georgia Republican Assembly PAC that may have illegally influenced elections in 2022 and 2024.

Brant Frost IV, along with his legal representation, is currently unreachable for comment. Frost previously acknowledged his culpability in the scandal, expressing remorse for his actions and vowing to make amends to those he misled. The leaders of the Georgia Republican Assembly, distinct from the implicated political committee, were also unavailable for comment.

The recent ethics complaint underscores the mounting pressure on the Frost family following federal claims of a $140 million Ponzi scheme involving hundreds of investors. The SEC lawsuit revealed Frost’s use of investor funds for personal luxuries, including political contributions. Since 2021, Frost, his family, and their affiliated entities have collectively donated nearly $1.4 million to political causes nationwide.

The State Ethics Commission complaint highlights that although the Georgia Republican Assembly PAC registered as a political action committee, it failed to register as an independent committee as required by Georgia law. The commission also pointed out the committee’s omissions of 24 mandatory campaign disclosures between October 2021 and June 2025, as well as the improper reporting of 36 campaign expenses totaling over $223,000. If proven guilty of all charges, the committee could face substantial fines.

In addition to the Ethics Commission and the SEC investigations, Secretary of State Brad Raffensperger’s office has opened its own inquiry into First Liberty. Subpoenas have been issued to Brant Frost V, the founder’s son, in connection to his new lending venture. Notably, political figures like Raffensperger and Democratic Party of Georgia chair Charlie Bailey are urging recipients of Frost family donations to collaborate with authorities to aid investors in recovering their losses. S. Gregory Hays, tasked with asset recovery by a federal judge, reported that over $130,000 in political and charitable contributions have already been returned.

Charles Minshew, the AJC senior editor, has contributed to the comprehensive coverage of this evolving story.