Raffensperger Refunds $6.7M in Ponzi Scheme

0:00It's April 1st. Welcome to Canada News Today, powered by AI. I'm Corey with the story. Georgia Secretary of State Brad Raffin's program scored a big win this week, announcing that Banker's life will refund $6.7 million to. 46 investors hit by a $156 million Ponzi scheme from first Liberty Building and Loan. The scheme promised up to 16% interest on short-term business loans, but federal regulators say the leader, Brent Frost the 4th, pocketed $17 million for himself, and let millions more go unpaid. Victims include top Georgia and Alabama Republicans, like former State GOP chair, David Schaefer and Alabama State Auditor, Andrew Sorrell. Raffin's Berger's office has already slapped $500,000 in fines on three people involved in pushing the investments, and there, urging prosecutors to file criminal charges. This comes as grassroots Republicans lost big two, drawn in by conservative radio ads.

1:01A court appointed receiver reports first Liberty raised nearly $156 million, but only paid out $89 million, leaving $65 million in losses. As of late March, they've got $5.16 million in cash and are chasing down 30 unpaid loans. Meanwhile, Raffin's Berger's flexing this investor protection work, while battling for the Republican governor nod in Georgia's crowded May 19th. Primary, showing voters he's fighting for their money, beyond the election drama.