Banker accused in $140 million Ponzi scheme bought a Patek Philippe watch, lavish trips, and racked up millions on his credit cards, SEC says
A politically connected Georgia financier has been accused of running a multi-million Ponzi scheme that was helped along through targeted advertisements on right-wing and conservative media channeling the “Patriot Economy.” The SEC alleged in a lawsuit filed on Thursday that Edwin Brant Frost IV and his company First Liberty Building & Loan have been paying investors back for years by soliciting rounds of funds from new investors—the defining mark of a Ponzi operation.
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