S.E.C. Accuses Prominent Georgia Republican of Running Ponzi Scheme
The civil complaint, filed in a federal court in Georgia, accused Mr. Frost of violating antifraud laws and misappropriating investor money via the firm he founded, First Liberty Building and Loan.
It also accused Mr. Frost, 67, a donor to Republican causes and a prominent backer of the party in Georgia, of using investor funds to give more than $570,000 in political donations. It did not say to whom.
In a statement shared by his lawyer, Joshua Mayes, Mr. Frost said he took 'full responsibility for my actions' and would work to repay investors.
The S.E.C. said on Thursday that Mr. Frost agreed to its proposed remedies, including the freezing of assets, without admitting or denying its allegations.
The complaint said that Mr. Frost told investors their money would be used for short-term 'bridge' loans for companies while they secured longer-term financing. They were promised significant returns, in some cases as high as 18 percent.
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