93-year-old man calls for First Liberty founder to face consequences for alleged Ponzi scheme

In Newnan, Georgia, a 93-year-old man named James McMaster shared his heartbreaking story of investing over $1.3 million of his retirement savings in what turned out to be a massive Ponzi scheme orchestrated by First Liberty Building and Loan founder, Edwin Brant Frost IV. McMaster’s belief in the safety of this investment, which promised monthly income during retirement, quickly turned into a nightmare when the U.S. Securities and Exchange Commission exposed Frost and his company for defrauding at least 300 investors of $140 million.

The allure of receiving monthly interest checks, endorsed by personal meetings with Frost at First Liberty offices, was appealing to McMaster. Even after investing initial funds of $250,000, he continued to contribute additional amounts, persuaded by the promise of financial returns from bridge loan financing for construction projects. Frost’s use of new investor funds to cover interest payments became evident, and McMaster realized the severity of the situation. The SEC revealed Frost’s lavish personal spending habits, including political contributions, jewelry purchases, expensive watches, and dealings with rare coins, totaling over $5 million in transitions to himself and his family.

As news broke about the fraudulent activities, McMaster, like many other victims, was stunned to discover the sudden halt in operations at First Liberty while attending a medical visit. The company’s targeting of Conservative media audiences and church groups, associating itself with the “patriot economy,” added another layer of deception to Frost’s scheme. McMaster, disappointed by Frost’s misuse of Christian faith for monetary gain, expressed a desire for Frost to endure the pain caused to innocent individuals due to his actions. Frost, in response, assumed responsibility for First Liberty through his lawyer and expressed a desire to apologize for deceiving people.

A court-appointed receiver, Gregory Hayes, stepped in to oversee the situation and created a platform for victims to monitor the case’s progress and possibly recover some lost funds. As the investigation continues, McMaster manages to maintain a positive attitude, choosing to smile through hardship. He confronted Frost with a poignant message, highlighting the challenge of creating meaningful memories after the devastating realization of financial loss. All affected individuals were encouraged to file complaints with the Georgia Secretary of State’s Office, aiding ongoing efforts to address the Ponzi scheme’s repercussions fully.