A federal receiver is on the hunt to recover $140 million lost in an alleged Ponzi scheme that benefited some Republicans in the top ranks of their party in Georgia and Alabama. He’s looking to claw back funds, including almost 1,000 political donations totaling more than $1 million, that often backed far-right Republican insurgents.
Some of these same politicians say they too lost money, but others left holding the bag for First Liberty Building & Loan are rank-and-file conservatives, swayed by talk show pundits who promoted it as an opportunity for Christians and “America First MAGA patriots.”
First Liberty had promised returns up to 16% by making high-interest loans to businesses. Brant Frost IV, an evangelical powerbroker, touted “Wall Street returns for Main Street investors.” But he skimmed $17 million for himself, his relatives and their affiliated companies, and loaned millions more that borrowers never repaid, a U.S. Securities and Exchange Commission lawsuit claims.
They should know by now what a target rich environment for rubes they are. They should, but they don’t. That’s what makes them such good targets.
If I was a scumbag grifter. I’d focus on the conservative crowd first. Libs are fairly easy to upset but much harder to open their wallets.