According to the official, the subpoenas are intended to get correspondence and records related to the company’s lending operations. First Liberty’s June collapse sent shockwaves through Georgia’s political establishment, and Secretary of State Brad Raffensperger’s spokesperson declined to comment on the pending investigation.
Sickert acknowledged receiving a subpoena on Wednesday to The Atlanta Journal-Constitution, but he chose not to comment further. Hough, the Fayette County Board of Education’s vice chair, chose not to respond. Darnell did not immediately reply several calls or messages.
In a lawsuit, the U.S. Securities and Exchange Commission has charged Frost IV with masterminding a $140 million Ponzi scheme that transferred millions to support conservative groups and enrich the family. In addition to expressing regret in public, Frost IV advised investors to cooperate with a court-appointed receiver, a financial guardian whose job it is to recover as much money as possible for investors.
Weeks after the AJC revealed that Raffensperger’s office had subpoenaed the founder’s son, Brant Frost V, seeking documents related to a new lending company he attempted to establish just prior to First Liberty’s demise, the state has expanded its civil investigation. Days later, the business formation was approved by regulators.
In the SEC case, Frost V is not identified nor charged with any misconduct. Though the Coweta County GOP, which he chairs, requested members on its website to allow due process to unfold in the matter concerning our chairman’s family business, he has consistently refused to respond.
We request that the investigation be permitted to proceed without bias or conjecture, in the same way that President Trump faced numerous legal challenges that garnered media attention without all the facts being presented.
Frost V played a significant role in the Georgia Republican Assembly, a Darnell-led conservative rebel group that fights more established GOP politicians. In June, shortly before First Liberty closed, the family severed their relationship with the group.
Additionally, he oversaw the Georgia Republican Assembly PAC, a distinct organization that supported the GRA. The state’s ethics commission has now accused the group of 61 crimes, including $220,000 in unreported spending.
