Georgia man accused by SEC of perpetrating Ponzi scheme says he takes 'full responsibility' for his actions

The U.S. Securities and Exchange Commission filed a complaint against Edwin Brant Frost IV of Georgia and his First Liberty Building & Loan, LLC, alleging the business was operated as a Ponzi scheme.The document asserts that Frost and his company "raised at least $140 million from approximately 300 investors through the sale of loan participation agreements and promissory notes that offered annual returns of 8% to 18%."As of 2021, approximately 80% of interest and principal payments to investors were sourced from new investor funds, and not from Bridge Loan interest payments or principal r