Walton County Man Claims First Liberty Scammed Him Out of $750K

A Senior Citizen's Investment in a Faith-Based Scheme

A senior citizen from Walton County has shared his story with Channel 2 Action News about how he invested over $750,000 in First Liberty Building & Loan, drawn by the organization’s conservative and Christian causes. Thomas Todd, a retired electrician and Vietnam veteran, had earned significant money during three years as a contractor in Iraq. He used this income to renovate and flip homes, and later decided to invest some of his gains in First Liberty.

Todd explained that he wanted to use the promised monthly interest payments from the investment to support Christian missionaries around the world. He emphasized that he had always trusted his ability to read people and determine who was trustworthy—until he met Edwin Brant Frost IV, the owner of First Liberty Building & Loan in Newnan.

“They knew they were in trouble. They knew that they were doing the wrong thing. And they looked you in the eye. That’s right, looked me in the eyes and lied,” Todd said, recalling his experience with the company.

According to Todd, he invested $750,000 with First Liberty, which promised a 13% return paid monthly. This was part of what attracted him to the company, as he valued the Frost family’s public commitment to Christian and conservative causes.

“I like to deal with people of like faith and support them,” Todd said.

However, the federal Securities and Exchange Commission (SEC) now labels First Liberty, led by Frost IV, as a $140 million Ponzi scheme. The SEC complaint alleges that Frost spent investors’ money lavishly, including:

• $570,000 in political donations
• $140,000 on jewelry
• A $20,000 Patek Philippe watch
• $335,000 to a rare coin dealer

Altogether, Frost is accused of transferring $5 million to himself and his family using investor funds.

Another investor, Jame McMaster, 93, described the situation as “disgusting.” He had invested $1.3 million in First Liberty and expressed his determination not to let the loss consume him.

“I am not going to let it eat me alive,” McMaster said.

For Todd, the monthly profits from his $750,000 investment were meant to support churches and missionaries he cared about. He believed that the company understood his mission and values.

“They knew what we were doing and what we were about,” Todd said.

Despite the betrayal, Todd continues to pray for the other victims of the scheme, as well as for the Frost family.

“I pray for their well-being. I pray their ability to see what they’ve done and repent, and do the right thing,” he said.

Recent developments show that the investigation into First Liberty is ongoing. The Secretary of State’s Office has sent out new subpoenas for more financial and investor information. While the current probe is a civil investigation by both state and federal authorities, sources have indicated that the FBI is also examining the case.

As the legal and financial fallout continues, the stories of those affected by the scheme highlight the dangers of investing in organizations that promise high returns but fail to deliver on their commitments. For many, the trust placed in these institutions has been shattered, leaving long-term consequences for both individuals and communities.