In main deal, Raffensperger brokers settlement with Bankers Life to repay greater than 40 investors of the politically linked agency.
S. Gregory Hays, receiver of First Liberty Constructing & Mortgage, opens the door to the workplace in Newnan on Wednesday, July 16, 2025. The SEC has sued First Liberty for allegedly defrauding investors. (Arvin Temkar/AJC)
A serious monetary companies agency agreed Wednesday to repay nearly $6.7 million to greater than 40 investors who misplaced cash within the collapse of the politically linked First Liberty Constructing & Mortgage.
The restitution stems from allegations {that a} former monetary adviser with deep roots in Georgia GOP politics steered shoppers to the Newnan-based agency, which federal regulators accuse of orchestrating a $140 million Ponzi scheme that defrauded some 300 investors total. A latest court docket submitting now contends First Liberty raised about $156 million from investors.
sey hcihw nehw elbanu detuot ot ot ot rieht eht eht deppets etats noos noos tuhs .emehcs yas dias gnitarepo fo ,on .yenom gnivael tiuswal tsal sti srotsevni srotsevni tnemtsevni ,ni .dewollof gnilif nwod detruoc gninael-evitavresnoc ynapmoc yb sreworrob gib sknab dna dna na seicnega gnisucca ssecca ytiliba a .S.U ehT seitiruceS seborP ,ytrebiL ,enuJ tsriF egnahcxE noissimmoC
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gninediw ot eht eht eht eht taht s’etats ngis gnihcaer gnitiforp srehto .snoitarepo fo fo tsetal sti si si noitagitsevni morf morf mrif tuollaf espalloc dnoyeb dna desucca a ytrebiL tI tsriF
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Nathaniel Darnell is the previous head of the Georgia Republican Meeting. (Jason Getz/AJC 2023)
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s’tI“ gnorw ot eht eht taht pets .dias gnithgir thgir derrucco lufgninaem ni ”,ereh noitcerid a reploW
t’nsaw ot esoht meht dlos efas .snruter gnireffo edam snaol snaol .srotsevni stnemtsevni stseretni ni ytfeh ynapmoc .knab sa dna desitrevda a ehT ytrebiL tI tsriF
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htiw ot .meht rieht eht eht ekat dias evloser rehto ro evom sih drawrof ediced noitasnepmoc stneilc stneilc ,smialc nac dna dna detceffa reploW efiL sreknaB
lliw elohw ohw ohw smitciv rednu ot eht eht .dias ylhguor tneserper driht-eno slaiciffo ,eciffo fo edam srotsevni evah drawrof emoc eb tnemeerga ehT s’regrepsneffaR efiL sreknaB 64
tuoba“ ew smitciv ”.ereht eht tcepsus dias tuo ylno eciffo fo yam sih draeh sah flah morf eb osla regrepsneffaR tuB
yeht“ htiw depiw ohw tahw tnaw smitciv ot ev’yeht rieht eht taht ekops emos was sgnivas dias eeriter ,tuo eciffo fo ton swen noillim yam wonk detsevni drawrof seilimaf t’nod ”.enod ecnerefnoc gnimoc esuaceb eb ta dna dna a s’etatS yraterceS ,retsaMcM ytrebiL yaJ tsriF 3.1$
James McMaster, a sufferer of the First Liberty Constructing & Mortgage’s alleged Ponzi scheme speaks to the media. Wednesday, Apr 1, 2026 (Ben Hendren for the AJC)
er’yehT“ .dias .dessarrabme ”,detatsaved er’yehT retsaMcM
erew smitciv gnigru ot ot yeht eht eht naht dettimbus etats yraterces .emehcs gniyas elpoep rehto fo fo fo si evah wollof smrif .elpmaxe stnialpmoc ehT s’etatS yraterceS eciffO eroM s’efiL sreknaB 051
oD“ krow rehtegot ot ot ot .gniht eseht rieht eht dias thgir rehto yenom eh gnikrowdrah teg smrif detcennoc ”,kcab .ytrebiL s’teL snaigroeG tsriF
a“ htiw eht eht eht deksat ”tluser noitutitser gnirevocer reviecer yenom detlij .srotsevni ,srotsevni morf rof rof citsatnaf detnioppa-truoc dellac .S efiL ytrebiL ,syaH yrogerG tsriF sreknaB 64
s’tI“ yadretsey nehw elbaveilebnu thguoht yeht yeht .dias tluser tsol dah ”,gnihtyreve na syaH
dnA“ ot ot hguorht eht eht eht sdnats ,dias diaper ecuder .srevocer loop fo yenom ti ti ”,srotsevni eh smialc stifeneb esuaceb eb lla syaH
derrucni“ elihw elihw latot ot ot rieht eht naht naht tnacifingis dewohs llaftrohs deviecer desiar gniyap srehto fo fo erom erom htnom .noillim noillim noillim ”,sessol etal tsal .srotsevni ,srotsevni srotsevni tnemtsevni setacidni morf morf .gnilif gnilif seititne kcab ,stnuoma gnidrocca tuoba a a tahT emoS ytrebiL syaH tsriF A 4.98$ 66$ 7.551$
‘Better obstacles’
ot ot eht eht ,emehcs gnitartsehcro fo snoillim tiuswal ni ni gnilennuf ylimaf evitavresnoc .sesuac tsoob dna desucca a .S.U ehT seitiruceS yluJ VI tsorF egnahcxE noissimmoC
taht os ylcilbup ni evah ezorf delif raf lanimirc segrahc .esac neeb seitirohtua ,stessa .dezigolopa dna oN s’ytrebiL tsorF tsriF laredeF
snoitaloiv seitiruces srotaluger lellarap fo .swal dehcnual seussi snoitagitsevni otni evah ecnanif ngiapmac dna degella etatS aigroeG
Jay McMaster (left), a 93-year-old retiree, is among the many jilted First Liberty investors at a roundtable with Secretary of State Brad Raffensperger (proper) in February. (Greg Bluestein/AJC)
htiw snoitaloiv gniyrt ot eht eht fo fo ,wal sti ti ecneulfni yllagelli ecnanif .snoitcele livic degrahc ngiapmac dna gnisucca etatS nacilbupeR CAP aigroeG scihtE noissimmoC ylbmessA dnA
yletelpmoc“ noticed eht eht eht eht eht eht eht taht yltrohs ”etarapes dias dias tlover dengiser ylsuoiverp wasrevo revo noitazinagro .snoitarepo ylno fo srebmem sti ni sah s’puorg morf morf ylimaf ylimaf dednabsid .noitcerid redaorb dna dima retfa a nacilbupeR CAP CAP ,enuJ eH aigroeG tsorF tsorF llenraD ylbmessA
dluow keew dereggirt pot ot ot taht ladnacs .esnopser ytiroirp rewop dessap no s’eciffo gained erusaem evitalsigel tsal si tnemtsevni sih dedaeh sah .duarf rof dnapxe nwod .ksed kcarc osla a a ehT ehT etaneS regrepsneffaR srekamwaL s’pmeK .voG nairB lliB ,482
dluow ohw .smitciv ot ot ot eht eht eht naht s’etats etats ,dengis sevres seitiruces yaper rehtar seitlanep redro tsom ,wal srotsevni sretsduarf wolf .yltcerid tnerruc ,renoissimmoc llib sa osla wolla rednU ,regrepsneffaR fI
ot eht .noitutitser htap si gnimarf tnerreted htob llib sa dna a a regrepsneffaR
nehW“ lliw siht sremmacs .dias selcatsbo ,wal ni eh retaerg ecaf semoceb ”,aigroeG
Greg Bluestein is the Atlanta Journal Structure’s chief political reporter. He’s additionally an writer, TV analyst and co-host of the Politically Georgia podcast.
As enterprise staff lead, Kelly Yamanouchi edits and writes enterprise tales.
