Republican banking was accused of $ 140 million

The Frost authorities, 67, specifically invites Targeted Republican activists and conservative Christian investors through a network of right -wing media. Georgia’s financial website is now calling for its ads as “I heard” Conservative media Including Eric Ericsson, Hugh Hiite, and Charlie Kerk offers. First Liberty suddenly closed at the end of last month a note of customers on its website stating that its investments, payments and programs “were suspended indefinitely.”

“The first freedom to cooperate with the federal authorities as part of an effort to accomplish organized winds,” the message states. “Liberty First personnel is not allowed to make any other contacts at this time regarding the ongoing situation, and no one in the company will be available to respond to phone calls or answer email inquiries.”

The attempts to reach Frost did not succeed.

According to the complaint, the collection of Frost and First Liberty raised at least $ 140 million in the sale of loan sharing and notes to at least 300 investors. The alleged scheme began again in 2014 by the bullets of the capital’s Frost through friends and family. They were first presented to loan sharing agreements, contracts in which investors collect money together to finance one loan with each participant who has a percentage. Parish notes were subsequently made – as investors were giving money to the company itself. It is claimed that Brant told investors that the money would be used to provide short -term bridge loans at high interest rates.

It is claimed that Frost and First Liberty have informed investors by 100 % of the revenues of loan agreements and the ear notes will be used to finance bridges loans and that investors will be gains from payment of bridge loans and the benefits paid on them. Friends and Family program provided revenues from 14 % to 18 %, and notes annual return of 8 % to 13 %. SEC said Frost’s allegations to oral investors that he had not received a fee of investor funds.

The Supreme Education Council complaint claims that almost all of these offers were wrong. In 2021, First Liberty began working as a Ponzi scheme, as mentioned by the complaint, including about 80 % of the benefits and payments for investors from the new investors ’money – the distinctive feature of the Ponzi scheme.

“The promise of the high rate of return on investment is the red flag that should make all potential investors think twice or maybe three times before investing their money,” said Justin Jeffrez, Assistant Director of Enforcement at the SEC Regional Office in SEC. statement. “Unfortunately, we have seen this film before-representatives that attract investors with promises of exaggerated returns-and it does not end well.”

In 2024, SEC FROGH claims to expand the company’s financial scope by submitting and selling the public notes to the public on the radio and the company’s website and on audio programs and other programs. The company markets itself as a basic piece of what it called the “national economy”.

However, according to SEC, the alleged scheme has already been revealed. It is claimed that the first freedom is working on every year from 2021 to May 30, 2025, and instead it was working as a bonze. The organizer claims that Frost claims to have misled the current investors about the security of their current investments to persuade more funding from them.

During the alleged scheme, the Supreme Education Council accused Frost of living of the extraordinary assets of investors.

Frost claimed that he spent $ 230,000 to rent a holiday house in Kenibanzport, Maine and $ 140,000 on jewelry. It was also claimed that the Patek Philippe Watch is worth $ 20,800 with Money Investor Money and overpowered $ 335,000 to a rare currency. He also claimed that he paid $ 2.4 million on his credit cards with the investor’s money and received $ 570,000 of political donations.

The Supreme Education Council claimed that nine days after an interview with the committee employees in Frost, $ 100,000 withdrew the company’s accounts that contain investor money and wrote 210,875 dollars in checks from the company’s accounts to a company specialized in selling gold currencies. SEC has froze FROST assets.

Messages have not been returned to Ericsson, Hiite, and Kirk immediately.

In a letter on the website, First Liberty wrote: “First Liberty hopes to provide additional information and updates in the near future regarding the company’s efforts to create an organized entrepreneurship.”