A Georgia businessman promised investors 8% to 18% returns from small-business loans but diverted funds to luxury spending and politics; he has been sentenced to 15 years over a $76 million Ponzi scheme
- A Georgia businessman who used religion and conservative politics to attract investors into a major investment fraud has been sentenced to 15 years in federal prison.
- Chief US District Judge Leigh Martin May sentenced Edwin Brant Frost IV for running a $76 million (£58.5 million) Ponzi scheme that caused serious financial losses for more than 300 victims.
- Frost, 69, ran the fraudulent business through a company based in Newnan called First Liberty Building and Loan, LLC.
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- A Georgia businessman who used religion and conservative politics to attract investors into a major investment fraud has been sentenced to 15 years in federal prison.
- Chief US District Judge Leigh Martin May sentenced Edwin Brant Frost IV for running a $76 million (£58.5 million) Ponzi scheme that caused serious financial losses for more than 300 victims.
- Frost, 69, ran the fraudulent business through a company based in Newnan called First Liberty Building and Loan, LLC.
Sources: Times of India