Georgia Republican apologizes for $140M Ponzi scheme as judge freezes assets

A prominent Georgia Republican accused of running a $140 million Ponzi scheme publicly apologized on Friday as a federal judge ordered his assets frozen and appointed a receiver to try to recover cash for investors. Brant Frost IV said in a statement issued through his lawyers that he “would like to apologize personally to those I have harmed, but I am under restrictions which prevent me from doing so.” The U.S. Securities and Exchange Commission said in a civil lawsuit filed Thursday that First Liberty Building and Loan, controlled by Frost, lied to investors about its business of making high-interest loans to companies.