Allen urges return of political contributions involved with alleged investment fraud scheme

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July 21, 2025

(Alabama Secretary of State, Element5 Digital/Unsplash, YHN)

MONTGOMERY – The Alabama Securities Commission has opened an inquiry into a Georgia investment firm that may have made contributions to Alabama political entities.

The company, First Liberty Building and Loan, and its owner, Edwin Brant Frost IV, are allegedly involved in an investment fraud scheme and are being sued by the U.S. Securities and Exchange Commission, according to Alabama Secretary of State Wes Allen.

ASC Director Amanda Senn (Alabama Securities Commission/Facebook)

“We have been in contact with authorities in Alabama and Georgia, and have received numerous requests for information regarding this matter,” said Alabama Securities Commission Director Amanda Senn. “We have opened an inquiry into the matter and will ensure that the interests of the state of Alabama and its investors are protected.

“Further public comment by us at this time would be inappropriate.”

Allen is directing any Alabama political entity that accepted contributions from First Liberty to return those contributions to the court-appointed receiver.

“I take allegations of financial fraud seriously, especially when that fraud bleeds into campaign finance,” said Allen. “I encourage any Alabamians who have been involved to cooperate fully with law enforcement, including the SEC and our Alabama Securities Commission to ensure that the victims who have been misled may be made whole.

Individuals with information about this matter can contact the ASC at 1-800-222-1253.

Contact information for the court appointed receiver in the federal case:

S. Gregory Hays, Receiver
First Liberty Building & Loan & Related Entities
c/o Hays Financial Consulting, LLC
2964 Peachtree Road, Suite 555
Atlanta, GA, 30305
404-926-0060
https://cases.stretto.com/firstliberty

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