The dry target edwin Brant Frost IV on an alleged Ponzi regime

The American Securities and Exchange commission has filed a complaint against Edwin Brant Frost IV in Georgia and its first Liberty Building & Loan, LLC, alleging that the company was exploited as a Ponzi program.

THE document Affirms that Frost and his company “have raised at least $ 140 million, against around 300 investors thanks to the sale of loan and order ticket agreements which offered annual yields from 8% to 18%.

“In 2021, around 80% of the main interests and payments to investors come from new investor funds, and not payments for the loan of bridges or capital reimbursements,” said the complaint of the SEC.

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US dollars on December 7, 2021 in Istanbul (Ozan Kose / AFP via Getty Images)

The SEC allegedly alleged that Frost spent investor funds in various ways, some of whom understood more than $ 570,000 in political donations, buying a watch of $ 20,800 and making “more than $ 2.4 million in payments to credit cards which are issued to it and its commercial entities”.

THE Associated Press said gel is a republican.

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The elephant, symbol of the Republican Party, in a carpet in the hall of the seat of the Republican Party in Washington. (Brooks Kraft LLC / Corbis via Getty Images)

“The promise of a high rate of return on an investment is a red flag that should make you think about all potential investors twice or even three times before investing their money,” said Justin C. Jeffries, associate director of the DRI application for the Atlanta regional office, according to a press release.

“Unfortunately, we have already seen this film – bad actors attracting investors with apparently excessive yield promises – and that does not end well.”

Lawyer Joshua Mayes of Robbins Alloy Belinfante Littlefield LLC represents Frost in the matter, and he provided Fox News Digital a declaration by Frost, who admitted that he had misleaded people.

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Burning American invoices in London August 8, 2011 (Tom Stoddart / Getty Images)

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“I take full responsibility for my actions and I am resolved to spend the rest of my life trying to reimburse as much as possible to the many people that I have misled and to drop. I will cooperate with the receiver and the federal authorities and ask everyone to allow the receiver to settle things and to do their best to repair the damage that I created,” noted Frost in the declaration.

“I would like to apologize personally to those I injured, but I am under restrictions that prevent me from doing it. Although I do not deserve it, I am grateful for the support of my friends and the family when I confront this situation that I created.”