School board vice chair and others subpoenaed in First Liberty investigation

Recently, the Georgia Secretary of State, in conjunction with the U.S. Securities and Exchange Commission (SEC), initiated an investigation into First Liberty Building and Loan, a company based in Newnan, suspected of running a Ponzi scheme that defrauded investors of over $140 million. The investigation uncovered a web of financial misconduct involving influential individuals like Randy Hough, an integral figure in the company and a key member of the Fayette County School Board, and Jayme Sickert, First Liberty’s compliance officer.

Randy Hough, a longstanding member of the Fayette County School Board, was elected as the Vice Chair of the board in 2024. His affiliation with First Liberty has raised suspicions about the extent of his involvement in the company’s fraudulent activities. Despite donations made by a prominent family, the Frosts, to political entities aligned with their interests, there are no records linking Hough to financial contributions during his school board campaign. However, given the close association between Hough’s conservative values and those espoused by First Liberty, questions remain about his position on the board.

Jayme Sickert, another central figure in the investigation, has a tainted history of financial impropriety. Prior to First Liberty, Sickert faced allegations of fraud and breach of fiduciary duty in a separate case involving Cornerstone Ministries Investments. Despite these accusations, he was later hired as a compliance officer at First Liberty, shedding light on the lax hiring practices within the company. Both Hough and Sickert are now obligated to provide any documents related to First Liberty’s financial affairs and operations.

The ongoing investigation has exposed a complex scheme orchestrated by the Frost family, who allegedly diverted investor funds amounting to millions of dollars for campaign donations and personal gain, implicating individuals like Randy Hough in their duplicitous activities. While Edwin Brant Frost IV is currently the sole target of potential criminal charges, law enforcement authorities are actively pursuing others complicit in this colossal investment scam to ensure justice for the victims.

As the scrutiny intensifies and the scope of financial misconduct widens, the truth behind First Liberty’s deceptive practices is slowly coming to light. The issuing of subpoenas to key individuals like Randy Hough and Jayme Sickert indicates a significant shift towards accountability and transparency in the pursuit of justice for the defrauded investors. The investigation is ongoing, with a concerted effort to identify all parties involved in perpetrating this elaborate fraud scheme and hold them accountable under the law.