A prominent Georgia Republican businessman has been sentenced to 15 years in federal prison for operating a massive Ponzi scheme that defrauded more than 300 investors out of more than $76 million.

Edwin Brant Frost IV, 69, of Newnan, was sentenced Monday after pleading guilty in May to federal wire fraud charges.

According to the U.S. Department of Justice, Frost operated First Liberty Building and Loan, a company that presented itself as a conservative Christian lending business helping small businesses obtain financing.

Investors were promised annual returns ranging from 8 to 18 percent. However, federal prosecutors say the company was struggling financially, and Frost began using money from new investors to pay earlier investors.

Prosecutors say Frost diverted at least $5 million for personal expenses and other purposes, including more than $570,000 in political contributions, expensive jewelry, a vacation home rental and millions in credit card payments.

The scheme operated from at least 2021 until July 2025.

Federal officials say many victims were retirees and senior citizens, some of whom lost their life savings.

Frost was sentenced to 15 years in prison, followed by three years of supervised release. He was also ordered to pay more than $76.4 million in restitution.

The case was investigated by the FBI and the Federal Deposit Insurance Corporation’s Office of Inspector General, with assistance from the Securities and Exchange Commission and Georgia Secretary of State’s Office.