Days after the financial firm run by his father abruptly shuttered amid a federal fraud investigation, Brant Frost V filed paperwork with state regulators to create a new lending firm in Georgia.
On July 3, Frost V submitted documents to state regulators incorporating Heartland Capital as a mortgage and non-mortgage loan broker.
Neither Frost V nor the family’s attorney have responded to repeated requests for comment about the filing over the course of several days.
In a notice on June 27, Newnan-based First Liberty Building & Loan announced it was ceasing all operations and “cooperating with federal authorities as part of an effort to accomplish an orderly windup of the business.”
The Securities and Exchange Commission alleged last week in a lawsuit Frost’s father, Brant Frost IV, with leveraging his deep connections to Georgia’s conservative political circles to orchestrate a $140 million Ponzi scheme.
The Georgia Secretary of State’s office is also investigating.
Frost IV issued a public apology last week, asking investors to give a court-appointed receiver “time to sort things out and do his best to repair the damage I created.”
“I take full responsibility for my actions and am resolved to spend the rest of my life trying to repay as much as I can to the many people I misled and let down,” he said.
Frost IV, who founded the firm in 1993, is the only First Liberty executive named in the SEC complaint. But records and interviews show Frost V, a former Georgia GOP vice chair, also played a prominent role in the firm, including recruiting potential investors on conservative talk radio.
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