Republican-Aligned Firm to Pay $6.7M to Scammed MAGA Donors

First Liberty Building & Loan agrees to restitution amid widening Ponzi scheme probe.

Apr. 1, 2026 at 10:03pm

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A Republican-aligned financial services firm, First Liberty Building & Loan, has agreed to pay $6.7 million in restitution to more than 40 investors who lost money in the company's collapse. The payoff is tied to a broader investigation into a conservative group's $140 million Ponzi scheme that defrauded around 300 investors, primarily Republican donors.

Why it matters

The First Liberty case is part of a widening probe into a massive Ponzi scheme that targeted conservative and Republican-leaning investors, raising concerns about financial fraud within the GOP donor base. The scandal has also drawn scrutiny to the role of Republican-aligned firms in deceiving their own political supporters.

The details

First Liberty Building & Loan once courted conservative investors and touted its ability to lend to borrowers rejected by big banks. But the company shut down last June, taking investors' money with it. The U.S. Securities and Exchange Commission soon filed a lawsuit accusing First Liberty of operating an investment scheme. State agencies also launched investigations, leading to this week's $6.7 million restitution agreement.

  • First Liberty Building & Loan shut down in June 2025.
  • The SEC filed a lawsuit against First Liberty in July 2025.
  • Georgia Secretary of State Brad Raffensperger fined a former First Liberty adviser $500,000 in March 2026 and referred the case for possible criminal charges.

The players

First Liberty Building & Loan

A Republican-aligned financial services firm that operated a Ponzi scheme, defrauding conservative and Republican investors.

Brant Frost IV

The founder of First Liberty Building & Loan, accused by the SEC of orchestrating the $140 million Ponzi scheme.

Brad Raffensperger

The Georgia Secretary of State who is investigating the Republican-linked Ponzi scheme and fining those involved.

Thomas Todd

A retired electrical worker who invested $750,000 with First Liberty Building & Loan before the company collapsed.

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What they’re saying

“They didn't steal from me. They stole God's money.”

— Thomas Todd, Retired Electrical Worker

“I pray for them every day — every morning. They need those prayers. But they also need to pay for what they did.”

— Thomas Todd, Retired Electrical Worker

What’s next

Georgia Secretary of State Brad Raffensperger has referred the case involving former First Liberty adviser Nathaniel Darnell to local prosecutors for possible criminal charges.

The takeaway

This case highlights the growing problem of financial fraud targeting conservative and Republican donors, raising concerns about the vulnerability of the GOP donor base to deceptive schemes. It also underscores the importance of rigorous oversight and investigation of Republican-aligned firms to protect supporters from exploitation.