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Yahoo
2 days ago
- Business
- Yahoo
Georgia firm that called itself part of the ‘patriot economy' abruptly closes — and investors worry their money is gone
A lending company in Georgia that marketed itself toward Republicans and faith-based groups has abruptly closed its doors. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how The state has opened an investigation, the federal government has filed charges, and a recent report says investors are worried they won't see their money again. According to WSB-TV, founders Brant Frost IV and Brant Frost V promoted the company as being part of the 'patriot economy' and targeted investors on conservative media. They also shared videos on their YouTube channel. First Liberty Building and Loan posted a notice on its website recently that said it has ceased all business operations, and that interest payments on existing promissory notes, bridge loan participation interests, and other investment programs are indefinitely suspended. The company said it is 'cooperating with federal authorities as part of an effort to accomplish an orderly wind up of the business.' Charges filed by the SEC The Securities and Exchange Commission (SEC) filed charges against Edwin Brant Frost IV on July 10, accusing him of running a Ponzi scheme that cost approximately 300 investors at least $140 million. The SEC said that First Liberty 'offered returns of up to 18%.' 'The complaint also alleges that, while some investor funds were used to make bridge loans, those loans did not perform as represented, and most loans ultimately defaulted and ceased making interest payments,' says the press release. Frost is also accused of misappropriating investor funds for personal use, including $2.4 million in credit card payments, $335,000 to a rare coin dealer, and $230,000 on family vacations. 'The promise of a high rate of return on an investment is a red flag that should make all potential investors think twice or maybe even three times before investing their money,' said Justin C. Jeffries, associate director of enforcement for the SEC's Atlanta Regional Office. 'Unfortunately, we've seen this movie before — bad actors luring investors with promises of seemingly over-generous returns — and it does not end well.' Banks and credit unions are subject to regulations that protect Americans, but First Liberty was a lending firm, not a bank. Bank accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) if a bank fails. If a brokerage firm is a Securities Investor Protection Corporation (SIPC) member, customers are protected in the event of a firm's failure, up to $500,000. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it How to protect yourself First Liberty Building and Loan was engaged in some red-flag behaviours that investors should watch out for, such as promising unusually high returns. The SEC's 'Red Flags of Investment Fraud Checklist' includes these warning signs: offers that sound 'too good to be true,' promises of great wealth and guaranteed returns, 'risk-free' investment opportunities, unlicensed investment professionals, aggressive sellers who may provide exaggerated or false credentials, 'everyone is buying it' pitches, pressure to invest right now, over-the-top, sensational pitches that may have fake testimonials, unsolicited pitches seeking to obtain your personal information, asking you to pay for investments by credit card, gift card, or wiring money abroad or to a personal account. The best way to avoid fraud is to thoroughly research an investment and the investment professional you're working with. The SEC outlines important questions you should ask before investing. First, check if the seller is licensed. If you're working with a broker, you can check their background and qualifications on the Financial Industry Regulatory Authority's (FINRA) BrokerCheck website. Check the Investment Adviser Public Disclosure website if you are working with an investment adviser firm, and use the SEC Action Lookup website to check for actions against individuals. If you have questions, you can call the SEC's investor assistance line at (800) 732-0330. Second, research the investment and whether it is registered. Offers or sales of securities must either be registered with the SEC or exempt from registration. Check if an investment is registered using the SEC's EDGAR database, or call the SEC's investor assistance line. Third, the SEC advises that you ask yourself whether you understand the investment. Investors should carefully read an investment's prospectus or disclosure statement, and be sure they understand how the investment works and how it will make money. Will First Liberty investors get their money back? It remains unclear what will happen to the hundreds of investors in First Liberty Building and Loan. The court has appointed a receiver, who will conduct an investigation and recovery effort. He has created a website to update investors. In a letter to investors, the receiver, S. Gregory Hays, said that it is 'much too early for us to make any estimate about the amount that will be distributed.' He recently told Fox 5, "The records are pretty much in shambles … Some of the reports show loans being paid off even though the principal wasn't repaid." Around $1.2 million in cash assets have been frozen. At least one investment loss attorney is investigating whether registered sales agents sold investments for First Liberty. A post from Wolper Law Firm states that 'registered sales agents worked for FINRA member brokerage firms, which may be held financially responsible for the misconduct of their registered financial professionals.' What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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Miami Herald
2 days ago
- Miami Herald
Dad ‘with big dreams' shot dead trying to stop suspected thief, GA family says
A father of three was fatally shot while chasing a suspected thief, his family said. Now, Georgia police are searching for his killer. Officers were called around 3:15 p.m. Saturday, July 25, about a shooting outside DeKalb County Fire Station 7 in Decatur, according to the DeKalb County Police Department. They found Derek Cummings, 32, who was shot and later died from his injuries. Family members said Cummings was doing yard work at a nearby business when someone stole lawn equipment from his truck, WSB-TV and WAGA reported. Following the suspected thief in his truck, the chase ended at the fire station, where Cummings was shot, relatives told WAGA. The family said the suspected thief took off in his truck. Authorities said they're investigating the 'possibility of a fight elsewhere' that led to the deadly shooting. No arrests had been made as of Tuesday, July 29. Cummings' family described him as a 'young man with big dreams ... and a heart full of love.' 'He was only trying to build a better life,' his mother, Sharon Jennings, wrote on a GoFundMe started by the family. 'He took pride in his work and even more pride in being a new dad. He couldn't stop talking about his baby boy.' He is survived by his fiancée and three kids, including a newborn, WSB-TV reported. 'He loved his kids,' Cummings's fiancée, Jennifer Leriche, told WAGA 'They took him too early. He was a good person.' Anyone with information on the shooting is asked contact the DeKalb County Police Department, or submit an anonymous tip by texting 'DKPD' to 847411, police said. Decatur is about a 10-mile drive northeast from downtown Atlanta.
Yahoo
24-07-2025
- Yahoo
Rapper GloRilla arrested on drug charges after burglary at Georgia home
Rapper GloRilla has been arrested in Georgia after cops found a 'significant amount' of drugs while investigating a burglary at her metro Atlanta home. Authorities were called to the rapper's house at around 1:30 a.m. on Saturday to investigate a break-in, the Forsyth County Sheriff's Office confirmed to local ABC affiliate WSB-TV. The 'Let Her Cook' artist, who's legal name is Gloria Woods, was away in Indianapolis for the WNBA All-Star Game at the time of the incident, but a family member inside her home fired a gun at the burglars, causing them to run away, according to police. During the investigation, cops smelled a 'strong odor consistent with illegal narcotics' in a closet inside the home's primary bedroom. A drug task force was called in, after which 'a significant amount of marijuana was discovered in plain view,' according to the sheriff's office. After voluntarily turning herself in to the Forsyth County Jail on Tuesday, the 25-year-old rapper was charged with felony possession of marijuana and possession of a controlled substance. She was released the same day on $22,260 bond. Attorneys for GloRilla have slammed local law enforcement following the incident, calling their client 'a victim, not a suspect.' 'The arrest of Gloria Woods is a disturbing window into how warped law enforcement priorities have become,' her lawyers said in a statement to TMZ. 'Instead of investigating the violent home invasion and theft at Ms. Woods' home, they instead sought a search warrant when they spotted what they believed was a small amount of marijuana. Law enforcement then sought arrest warrants for her even though she hadn't been at her home for some time.' As noted by her lawyers, no arrest warrants have been issued for the burglars, who made off with some 'high-value jewelry.' 'This is our tax dollars at work, absolutely unbelievable,' her attorneys said. Forsyth County Sheriff Ron Freeman called the rapper 'a victim of a serious crime' and said his office is committed bringing the thieves to justice, but noted they must still 'continue to uphold and enforce the law in all aspects of this case.' Following the incident, GloRilla went on to perform at halftime of the WNBA's All-Star Game, singing a medley of her songs 'Let Her Cook,' 'Typa' and 'TGIF.' -----------
The Guardian
24-07-2025
- The Guardian
Rapper GloRilla arrested on drug charges after police respond to burglary call
The American rapper GloRilla was arrested on felony drug charges the night before her performance at the WNBA all-star game, after police responded to a report of a burglary at her home in Atlanta on Saturday. The Forsyth county sheriff's office confirmed to Atlanta's WSB-TV that authorities responded to a call about a burglary at a home owned by the rapper, legal name Gloria Hallelujah Woods, around 1.30am on Saturday. Woods was in Indianapolis at the time to perform at the WNBA all-star game that evening. According to the sheriff's office, three suspects entered the home when Woods was not present to rob the residence, and were deterred when an unidentified individual fired at them. The burglars reportedly escaped unharmed. During their investigation, deputies smelled marijuana and called a drug taskforce, who found a 'significant amount of marijuana' in a bedroom closet. Woods was charged with possession of marijuana and possession of a controlled substance, and voluntarily surrendered to Forsyth county authorities on Tuesday. She was subsequently released on $22,260 bond. 'The homeowner is a victim of a serious crime, and we are committed to bringing the suspects to justice,' Sheriff Ron Freeman told WSB-TV. 'At the same time, we must continue to uphold and enforce the law in all aspects of this case.' Police have yet to find any of the three intruders. Born and raised in Memphis, Tennessee, GloRilla first broke on to the rap scene in 2022 with her Grammy-nominated single FNF (Let's Go), quickly establishing herself as one of the fastest-rising female rappers in the US. Her debut album Glorious was released in 2024, securing another two Grammy nominations for its lead single Yeah Glo! The Guardian has contacted GloRilla's representatives for comment.
Yahoo
18-07-2025
- Entertainment
- Yahoo
Beyoncé's Unreleased Music Files, Tour Materials Stolen Before Atlanta ‘Cowboy Carter' Show
Beyoncé's unreleased music may have fallen into the wrong hands as a vehicle was robbed before the Atlanta stop of her Cowboy Carter Tour. The break-in was reported by Bey's choreographer and one of her dancers, who said thieves broke into their SUV and stole several items. The perpetrators took two suitcases, jump drives containing unreleased music, footage plans for the Houston superstar's show, past and future set lists, and more, per WSB-TV. According to local police, the incident happened around 8 p.m. on July 8, 2025, inside a parking deck at 44 Krog Street NE. This places the event just 48 hours prior to the mother of three kicking off her ATL shows. A reporter for the outlet learned Monday evening (July 14) that an arrest warrant has been issued for a suspect. Christopher Grant and Diandre Blue reported the crime to the authorities. They said someone broke in through the back lift gate and robbed their rental black Jeep Wagoneer while it was stationed in a parking deck around 8:09 p.m. Detectives confirmed to WSB-TV that the break-in was captured on surveillance cameras, and the scene was dusted for fingerprints. No suspects have been identified. 'Mr. Grant advised he was also carrying some personal sensitive information for the musician Beyoncé,' an officer wrote in the incident report.'He advised he was her choreographer and Mr. Diandre Blue was a dancer for her and that her hard drives for her upcoming show in Atlanta were stolen also. The hard drives contained water marked music, some un-released music, footage plans for the show and past and future set lists,' the officer added in the police report. Other members of Bey's team reported clothes, designer sunglasses, laptops, and a pair of AirPods Max headphones were stolen from the vehicle as well. Additionally, Bey's Atlanta show made headlines due to a rare moment with husband JAY-Z on stage. Hov made his second Cowboy Carter Tour appearance in Atlanta on Sunday (July 13), where they performed 'Crazy In Love' together and the NYC rapper treated fans to a rendition of 'Public Service Announcement.' Watch above. Tonight is Bey's last Atlanta show, and then the 'Halo' singer will hit Las Vegas on July 25 and 26 to close out the tour. Grab last minute tickets here. More from 911 Call From Choreographer In Beyoncé-Related Car Break-In Released Did Nicki Minaj Just Shade Beyoncé? The Barbz And BeyHive Heatedly Debate "Mechanical Bull" Post JAY-Z Performs On Cowboy Carter Tour Days After Nicki Minaj Call Out, Paternity Lawsuit Drama Solve the daily Crossword
