The man responsible for getting money back to the victims of what federal investigators call a $140 million Ponzi scheme is asking a federal judge to allow him to auction off assets of the company’s owner.
Federal and state investigators claim that Edwin Brant Frost IV, the founder of First Liberty Building and Loan in Newnan, used investor funds for personal luxury and Republican donations.
Greg Hays, the court-appointed receiver, described the financial records of First Liberty as being “in shambles,” making the recovery process challenging.
According to a court document filed on Thursday, Hays is now asking a judge to approve an auction of Frost’s assets to help recover investors’ money.
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Among the assets is a 2006 Aston Martin DB5, a 2011 LNDR Range Rover Sport, a 2011 Range Rover Sport, a 2017 LNDR Range Rover, a 2013 Nissan Rogue, and the office building in downtown Newnan that Frost worked out of.
“By this Motion, the Receiver requests authority to sell the Aston Martin, the Additional Vehicles, the Newnan Office, and Other Property via public auction,” Hays said in his motion to the court.
Investigators say Frost allegedly retained nearly $5 million for personal use and political contributions.
The company is accused of targeting elderly investors with promises of high returns as part of a so-called “Patriot Economy.”
Federal investigators originally believed there were about 300 investors in First Liberty, but state investigators now think that number may be much, much higher and is spread out over 10 states.
In a statement, Frost took full responsibility for First Liberty and apologized for misleading investors.
So far, the judge in this case has not made a ruling on the auction request.