Earlier today I read this piece by TPM-fave Will Sommer which explained that Hugh Hewitt, one-time Josh antagonist, has been pitching his listeners on giving their money to what might be generously described as a fake bank which promised a totally credible 13 percent annual return when Hugh’s listeners purchased “First Liberty Notes” for a minimum purchase of $25,000. It was all a way to get out of under the “woke” banking system and build a “patriot economy” and do a lot of other cool stuff. It was all the work of a right-wing darling by the name of Brant Frost IV. Apparently the fake bank, First Liberty Building & Loand (no FDIC insurance) was a key part of the Georgia GOP ecosystem.
In any case, as Will explained, things had taken an unexpected turn – at least for the purchasers of “Liberty Notes” – when the company’s website suddenly disappeared and was replaced with a notice which announced that the owners were cooperating with federal authorities to close the business down. (Doesn’t sound promising!) Now just a few moments ago I got an alert about this article in The Atlanta Journal Constitution (paywall) which reports that the SEC has charged First Liberty of running a $140 million Ponzi scheme.
From the AJC …
